According to the complaint filed with the Telangana Cyber Security Bureau (TGCSB), the retired officer—who held senior positions in the erstwhile Andhra Pradesh government—was approached by individuals posing as professional stockbrokers. The scammers convinced him to install an APK file via a link that led to a fraudulent but polished trading application named "Dhani Securities".
One of the key suspects, identifying himself as Arjun Ramesh Mehta, claimed to be the Chief Investment Officer of the firm. He, along with others, lured the victim by promising high returns through mutual funds, IPOs, and options trading. To gain credibility, the fraudsters regularly shared stock market insights and trading tips via WhatsApp, presenting the illusion of a legitimate operation backed by AI-driven trading strategies.
₹3.3 Crore Invested, But Payout Blocked by Fake Tax Demand
Between March and May 2025, the retired officer made multiple transactions ranging from ₹28,000 to ₹50 lakh, eventually investing a total of ₹3.37 crore into the bogus platform. The scam began to unravel when he attempted to withdraw his alleged earnings, which had reportedly grown to ₹22 crore.
Instead of receiving the profits, the officer was told he needed to pay ₹33.5 lakh more to access the funds — a red flag that prompted him to report the incident. Realizing he had been duped, he approached the TGCSB, who immediately registered a case and initiated an investigation.
Case Registered Under BNS and IT Act, Probe Underway
On Friday, a case was registered under the newly enforced Bharatiya Nyaya Sanhita (BNS) sections:
• Section 318(4) – Cheating
• Section 319(2) – Personation with intent to cheat
• Section 338 – Forgery of valuable securities and documents
Along with Section 66-D of the Information Technology Act, which deals with cheating by impersonation using computer resources.
TGCSB officials confirmed that they are analysing the digital footprint and tracking bank transactions to identify and apprehend the accused. Authorities have warned citizens to avoid installing APK files from unknown sources and to verify investment platforms through official regulatory bodies like SEBI.
