Vizag Man Commits in Rs 43 lakh Investments Fraud in Hyderabad

The Hyderabad Cyber Crime Police have arrested Bobbari Srinivasa Rao (34), a Vizag resident, for his alleged role in a ₹43 lakh fraud related to IPO allotments. According to officials, Rao was not just a participant but also acted as an account supplier, and his name has surfaced in at least 19 cases registered across the country, including two in Telangana.

The case came to light after a 63-year-old investor received a WhatsApp message, which appeared to be linked to a reputed private bank, promising lucrative IPO allotments and trading opportunities. Trusting the source, the victim transferred over Rs 43 lakh across four transactions between July 12 and early August 2025. During this period, the fraudsters allegedly lured him with fake profits and even allotted discounted shares of listed companies after market hours, claiming the deals were through the QIP quota in IPOs.

The victim was further pressured when the fraudsters allotted more shares than his actual balance and demanded additional money, labelling it a non-interest loan and threatening to freeze his funds otherwise. By August 6, he realized that the entity had no connection with the bank and filed a complaint, leading to the arrest.

During the operation, police seized two mobile phones, two SIM cards, three passbooks, seven debit cards, and 13 cheque books from Rao’s possession. Officials stressed that fraudsters are increasingly exploiting platforms like WhatsApp, Telegram, social media, and fake company websites to target unsuspecting investors. They use professional-sounding communication, show fake returns, and design convincing portals to build trust.

Authorities have urged the public, to stay alert and refrain themselves from responding to unsolicited calls or investment offers to avoid falling prey to such fraud investments. Genuine companies, they reiterated, do not approach individuals directly to seek investments.

Also read: New attractions to delight visitors of Vizag zoo

Stay tuned to Yo! Vizag website and Instagram for more city and news updates.