The Telangana Cyber Security Bureau (TGCSB) has arrested four individuals, including Srinivas Manubothula, a software consultant involved in a drone start-up, for allegedly defrauding a Hyderabad businessman of Rs3 crore in a bogus stock market investment scheme.
The victim, a resident of North Lalaguda, lodged a complaint after being lured into a WhatsApp group named SMC Global Securities on April 14. The group, managed by individuals going by the names Anu Prita and Ajay, convinced the victim to invest in a fake Initial Public Offering (IPO).
By June 19, the victim had transferred nearly Rs3 crore across 16 bank transactions, misled by assurances that the investment was safe and fully withdrawable. Though a token amount of Rs10,000 was returned initially, the victim was later informed his account had entered a negative balance, prompting him to approach TGCSB on June 28.
Investigators tracked a significant transaction of Rs77 lakh to a bank account in Kerala. Additionally, Rs8 lakh was found in a corporate account under the name “Drones Spray,” a firm founded by 45-year-old Srinivas Manubothula from Narsingi.
TGCSB Director Shikha Goel revealed that Srinivas, facing losses in his drone business launched in 2023, was introduced to cyber fraudsters by a friend named Shekar, who allegedly supplies bank accounts for illicit use. In exchange for a 10% cut, Srinivas permitted the use of his business bank account. The group routed Rs4.3 crore through the account and returned the SIM card and Rs2 lakh in cash to him.
Three other individuals were arrested along with Srinivas: Syed Yousuf (45), Chekka Yeshaya (54), and Mohammed Jaber Ahmed (42), all in Hyderabad. Authorities are continuing their investigation into the broader network of cyber fraud operations.
