Hyderabad Cyber Crime Police arrested 23-year-old Prateek Shukla, a resident of Ghaziabad, Uttar Pradesh, in connection with a nationwide stock trading investment scam. Shukla is allegedly involved in at least nine fraud cases across India, including one reported in Hyderabad.
Authorities said Shukla acted as an account supplier in a fake stock trading operation. Victims, including a Hyderabad-based real estate professional, were added to a WhatsApp group named “VIP 5paisa Group.” The group, led by individuals posing as Priya Agrawal and Gourav Munjal, used a fraudulent app to promote investments in upper circuit shares, IPOs, and OTC trading.
The scam displayed fake profits to build trust and permitted small withdrawals initially. Once larger investments were made, victims were blocked from withdrawing funds, effectively trapping their money.
A case was filed under various sections of the IT Act (66C, 66D) and relevant sections of the Bharatiya Nyaya Sanhita (BNS), including 111(2)(b), 308(2), 318(4), 319(2), 336(3), 338, and 340(2).
Police have warned the public to remain vigilant against online investment scams that promise high returns, especially those involving IPOs, multi-bagger stock tips, and unverified apps. Victims of such cyber frauds are urged to report incidents to the authorities immediately.
