Hyderabad: Two persons from Gujarat were arrested for duping a man of Rs 32 lakh in a cyber fraud in Hyderabad. They lured the victim through a fake online trading scheme.

The accused were identified as Inamdar Vinayaka Rajendar, 25, and Rishi Thushar Arothe, 30, who lured the victim via a WhatsApp group posing as an Aditya Birla stock advisory.

In his complaint, the victim said that he was browsing a social media platform when he found an advertisement for the Aditya Birla group. He was redirected to WhatsApp and was directly added to the Aditya Birla stock elite group 678.

An admin of the group introduced herself as Aiyana Joseph, a trade advisor. She asked him to download an app and shared a link.

According to the cybercrime unit of the Hyderabad police, after downloading the app, the victim was asked to share their KYC details and complete a form. The fraudsters convinced the victim that he could purchase and sell stocks and apply for IPOs. Later, they shared another link: Aditya Birla High Net Worth IPO exclusive membership group link.

After being added to the second group, the fraudsters suggested that the victim invest in Astrazenca Pharma India Ltd. They asked him to give a 20 percent commission on the profit, instructed him to contact customer service, and provided various accounts for depositing the amount.

He applied for the IPO of Lakshmi Dental, was allotted shares and sold them for Rs 1.5 crore. Later, he applied for the Kabra Jewel IPO and was allotted shares again, but the payable amount came to Rs 2.5 crore. He was then asked to deposit an additional Rs 1 crore, which he refused.

On January 23, when he attempted to open the application, it did not open. He then realised it was a fraud and filed a complaint online via 1930, followed by a written complaint with the Cybercrime Police.

In total, he had paid Rs 32,00,000 into the bank accounts provided by the fraudsters.

Based on the complaint, a case has been registered under Sections 66(C) and 66(D) of the IT Act, along with Sections 318(4), 319(2), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita (BNS).