The Telangana Cyber Security Bureau (TGCSB) has arrested four individuals, including Srinivas Manubothula, a software consultant linked to a drone startup, for their involvement in a Rs3 crore fake stock market investment scam.
The victim, a businessman from North Lalaguda, was added to a WhatsApp group named “SMC Global Securities” by Anu Prita and Ajay on April 14. Persuaded to subscribe to an IPO, the businessman transferred Rs3 crore in 16 installments to various bank accounts between April and June, trusting the scammers who assured him the funds could be withdrawn anytime.
Initially, the victim was allowed a token withdrawal of Rs10,000, but was later informed his account had turned negative, prompting him to file a complaint on June 28. Investigations traced Rs77 lakh to a bank account in Kerala, with Rs8 lakh further routed to a current account linked to “Drones Spray,” a drone startup owned by Srinivas Manubothula from Narsingi.
Police revealed Srinivas had suffered losses in his business in 2023 and, introduced by a friend named Shekar who supplied bank accounts to cyber fraudsters, agreed to lend his bank account for the scam in exchange for a 10% commission. The accused used Srinivas’s bank account to route Rs4.3 crore and returned his SIM card with Rs2 lakh in cash.
Srinivas and his accomplices — Syed Yousuf (45), Chekka Yeshaya (54), and Mohammed Jaber Ahmed (42) — were arrested in Hyderabad. TGCSB Director Shikha Goel confirmed the arrests and the ongoing investigation.
