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Fraud

Hyderabad Cyber Crime Police Arrests Person Involved in IPO Allotment Investment Fraud

Strategic Insights

— 1 min read

The Hyderabad Cyber Crime Police made a significant arrest on September 2, apprehending an individual from Visakhapatnam for his alleged role in an IPO allotment investment fraud that duped a city resident out of Rs 43 lakh. The accused, Bobbari Srinivasa Rao, a housing loan agent from Gandivanipalem, Visakhapatnam district, has been involved in 19 fraud cases across the country, including two in Telangana. The victim, a 63-year-old resident, was deceived through a WhatsApp message from a group posing as "AXIS Security" falsely linked to Axis Bank, promising IPO allotments and trading opportunities.

Key Takeaways:

  • The suspect, Bobbari Srinivasa Rao, is a housing loan agent from Gandivanipalem, Visakhapatnam district, and has been involved in 19 fraud cases across the country, including two in Telangana.
  • The accused operated as an account holder and account supplier in the racket, using two mobile phones, two SIM cards, three passbooks, seven debit cards, and 13 cheque books to carry out the fraud.
  • The victim received a WhatsApp message from a group posing as "AXIS Security" falsely linked to Axis Bank, offering IPO allotments and trading opportunities, and was deceived into transferring Rs 43 lakh in four transactions between July 12 and early August 2025.
  • The fraudsters allegedly showed fake dashboards, promised discounted share allotments through Qualified Institutional Placement (QIP) quota, and even allotted shares exceeding the victim's balance.
  • The investigation revealed that the accused used the victim's money for personal gains, and the police seized various documents and items related to the fraud.

Statistics:

  • Rs 43 lakh: The amount of money the victim transferred to the fraudsters based on the false promise of IPO allotments.
  • 4 transactions: The number of transactions the victim made between July 12 and early August 2025, resulting in a total loss of Rs 43 lakh.
  • 19 fraud cases: The total number of fraud cases in which the accused, Bobbari Srinivasa Rao, has been involved across the country.
  • 2 cases in Telangana: The number of fraud cases in which the accused has been involved in Telangana.
  • Rs 43 lakh: The amount of money the victim lost in the IPO allotment investment fraud.

Sources:

  • United News of India (UNI), "Hyderabad Cyber Crime Police arrests person for investing fraud of ₹43 lakh", provided by SyndiGate Media Inc.

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