The Cyber Crimes Wing of Hyderabad City Police has arrested Mohammed Ashfaq (33), a Hyderabad resident, in connection with an online trading fraud that cheated a victim of Rs 49.9 lakh. The accused facilitated the scam by providing his bank account to cyber criminals, enabling large-scale financial fraud across several states.

According to the complaint, the victim was contacted via WhatsApp by a woman claiming to be “Meena Bhat” from the “86 DBS India Wealth Group Investment.” He was added to a WhatsApp group and given access to a fake trading portal promoting stock investments and IPO opportunities. After depositing Rs 2 lakh, the victim was shown fake profits and allowed a small withdrawal to gain trust.

Encouraged by these initial returns, the victim was persuaded to invest larger sums. The fraudsters later claimed that his IPO allocation exceeded his deposit and demanded additional funds to “complete” the process. When he refused, he was blocked and removed from the group. Realizing the fraud, the victim filed a complaint via 1930 and at the Cyber Crime Police Station. Investigations revealed that Ashfaq had provided his bank account to the cyber criminals on a commission basis. About Rs 3.7 crore was routed through his account, with funds transferred using OTPs collected from him. The account is linked to 29 cyber fraud cases across India, including 12 in Telangana.

A case has been registered under relevant sections of the IT Act and Bharatiya Nyaya Sanhita. Police have warned citizens to avoid sharing bank details, falling for unsolicited investment offers, or joining suspicious WhatsApp and social media trading groups.