Hyderabad: Four Arrested in ₹3 Crore Investment Scam

Speedy Summary:

• Four individuals were arrested by the Telangana Cyber Security Bureau (TGCSB) for involvement in a fraudulent investment scheme.
• A Hyderabad resident was duped into transferring ₹3 crore after being added to a WhatsApp group under the guise of an investment program purportedly run by “SMC Global Securities.”
• The victim was asked to invest in an IPO for a fictitious company, ‘Influx Health Tech Ltd,’ and allocated shares allegedly worth ₹49 crore.
• Funds amounting to ₹3 crore were transferred across 16 bank accounts, including one in Kerala.
• Investigations revealed that part of the money was funneled through an account belonging to Srinivas Manubothula, who allowed his account’s use for fraud due to financial distress. He received commissions from inflow amounts.
• The TGCSB affirmed links between this bank account and 46 cybercrime complaints nationwide via NCRP (National Cybercrime Reporting Portal).
• Authorities advised citizens against lending their bank accounts for fraudulent use and urged caution with investment schemes.

Indian Opinion Analysis:

This incident underscores pressing concerns about rising cybercrime activities challenging India’s financial ecosystem. Fraudulent schemes targeting unsuspecting individuals leverage technological mediums like WhatsApp groups and phishing websites, exploiting trust and misinformation. The case highlights gaps in cybersecurity awareness among citizens-a critical issue requiring robust public education initiatives led by regulators such as SEBI or state bureaus like TGCSB.

Furthermore, this scheme illustrates how financially distressed individuals can be manipulated into aiding criminal networks-a reminder of broader socio-economic strains that feed systemic vulnerabilities. while TGCSB’s arrests mark progress, prevention hinges on stronger collaboration between banks, cybersecurity bodies, and public vigilance campaigns. National platforms like NCRP offer valuable infrastructure but must aim at faster response mechanisms to deter similar large-scale frauds effectively moving forward.

Read more: Indian Opinion