The city’s crime branch has arrested a 23-year-old man, Vinay Kumar Upalapu, from Andhra Pradesh in connection with a fraudulent online investment scam worth Rs 3 crore. The arrest took place on March 25 in the Krishna district of Andhra Pradesh, and Upalapu was later brought to the city on Friday, according to DCP (Crime) Kundan Kanwaria.
Upalapu orchestrated a well-planned scam by initially reaching out to potential victims using a fake WhatsApp number. Posing as a representative of a legitimate online stock market investment firm, he circulated advertisements promoting false investment opportunities. Victims were then encouraged to register through a link leading to a fraudulent webpage that showcased fake transactions, creating a false sense of trust.
As the investigation progressed, authorities found that Upalapu initially convinced victims to invest small amounts. He built their trust by transferring a portion of the “profits” to their accounts, which were actually funds stolen from other victims. Once he gained their confidence, Upalapu persuaded the victims to make progressively larger investments, ultimately leading to the substantial financial fraud.
