The Cyber Crime Unit of Hyderabad Police has arrested Pakeer Srinivas Reddy (41), a resident of Tilaknagar, in connection with a stock trading fraud case involving Rs2.01 crore. Police said Reddy has been involved in at least five similar cases across India.
According to the complaint, the victim was contacted by a woman named Tina Mittal, allegedly representing W33Barclays, who invited him to join a WhatsApp group for stock market investment advice. Enticed by the group’s claims of high returns, the victim invested over Rs2 crore through a trading application promoted by the fraudsters.
Initially, the app showed virtual profits and allowed limited withdrawals to build trust. However, when the investor attempted to withdraw the full amount, he was asked to pay 5% of the total balance, supposedly as a processing fee. Realising it was a scam, he approached the Hyderabad cyber crime police.
Police revealed that Reddy and his accomplices:
Approached victims via WhatsApp, Telegram, and social media
Created fake trading platforms that displayed false profits
Allowed small withdrawals initially to gain trust
Blocked access once large amounts were invested
The case highlights the growing threat of online stock trading scams that promise unrealistic returns and use professional-looking platforms to deceive victims.
