In Hyderabad, a recent case of cyber fraud has come to light, highlighting the continued targeting of vulnerable age groups by scammers. A 63-year-old victim lost a substantial amount of Rs 43 lakh in an Initial Public Offering (IPO) allotment fraud. The fraudsters, posing as “AXIS Security” via WhatsApp, lured the victim with attractive promises of IPO allotments and trading gains. Over a period of 20 days, the victim made four payments totaling Rs 43 lakh.
The scammers employed sophisticated tactics, including the use of fake dashboards to show fabricated profits. They even created a phony loan to pressure the victim, threatening to freeze their funds if they did not comply with their demands. The victim eventually realized the scam on August 6, 2025, and reported it to the authorities. This led to the arrest of Bobbari Srinivasa Rao, a 34-year-old individual from Visakhapatnam, who has been involved in 19 cases of cyber fraud nationwide.
This scam reveals a new angle in which criminals exploit the trusted brand of a bank using social engineering techniques on platforms like WhatsApp. The use of fake messages and dashboards that mimic official bank communications makes it difficult for victims to distinguish between genuine and fraudulent transactions. The fact that the scammers were able to extract Rs 43 lakh from the victim over a period of 20 days highlights the ease with which they can manipulate vulnerable individuals.
The arrest of Bobbari Srinivasa Rao is a significant development in the case, and it is hoped that it will serve as a deterrent to other cyber fraudsters. However, it also underscores the need for individuals, particularly those in vulnerable age groups, to be cautious when receiving messages or calls that appear to be from official sources. It is essential to verify the authenticity of such communications and to be aware of the tactics used by scammers to extract money from their victims. By being vigilant and taking necessary precautions, individuals can protect themselves from falling prey to such cyber frauds.