Metro India News | Hyderabad 

A 63-year-old city resident lost Rs 43 lakh after falling prey to a fake Axis Bank IPO scam. According to police, the victim received a WhatsApp message from an account named ‘Axis Security,’ created by fraudsters posing as bank representatives.

Believing it to be genuine, he invested Rs 43 lakh between July and August, lured by promises of IPO allotments and high returns. The scammers showed him fake profits and claimed to allot discounted shares of listed companies under a QIP (Qualified Institutional Placement) quota after market hours. They even allotted more shares than his balance and demanded additional payments, threatening to freeze his accounts if he did not comply.

Eventually realizing the scam, the victim reported the incident to the police. During the investigation, police arrested Bobbari Srinivasa Rao (34) from Parvada mandal, Visakhapatnam, Andhra Pradesh. He had allegedly supplied bank accounts to the fraudsters and is linked to 19 similar fraud cases nationwide, including two in Telangana. A case has been registered, and further investigation is underway.