Multi-Million Dollar Ponzi Scheme Exposed in Hyderabad Cybercrime Bust

Strategic Insights -

A massive financial fraud operation in Hyderabad involved over 3,000 investors across multiple states, earning Rs 850.59 crores through Ponzi scheme tactics and advanced AI-powered investment platforms. The scheme was operated through several companies, including AV Solutions, IIT Capital Technologies, and Srinivas Analytics Pvt. Ltd. The cybercrime police arrested two individuals, Gaddam Venugopal and Shreyas Paul, and seized various assets and documents.

Key Takeaways:

  • The operation involved over 3,000 investors across multiple states, with total collections of Rs 850.59 crores.
  • The primary companies involved were AV Solutions, IIT Capital Technologies, Srinivas Analytics Pvt. Ltd. and Trade Bulls Technology Pvt. Ltd.
  • The fraudulent websites used were - www.iitstockmarket.com, www.myshareprofit.com, www.avgroups.org, www.fehufin.com, www.tradeonnumbers.com, www.smalgo.com, www.srimaata.com and www.maheshwaraadvisoryservices.com.
  • The company used fake NISM/NSE/BSE certifications to create credibility and organised investment seminars in Andhra Pradesh and Telangana.
  • The targeted individuals were middle-class families, retired individuals, and working professionals, who were operated a referral-based recruitment system and used psychological profiling of victims to exploit vulnerabilities.
  • The operation spanned between 2022-2025, with a 2-year dormancy, and a fraudulent retention of Rs 232.36 crores.
  • The police seized two top-end cars, 11 laptops, 3 mobiles, backend trading access, 3,164 customer database, 14 cheque books, 30 promissory notes (Rs 3.37 cr), property papers, company seals, Flats at Manikonda & Happy Homes, and benami transactions.

Statistics:

  • Over 3,000 investors were involved in the scheme across multiple states.
  • Total collections earned through the scheme were Rs 850.59 crores.
  • The fraudulent retention between 2022-2025 was Rs 232.36 crores.
  • A total of 3,164 victims, including 2,388 (AV solutions) and 776 (IIT Capital), were targeted.
  • The operation spanned multiple states, with a diverse pool of investors.

Sources:

  • TheHansIndia
  • Indian National Press (Bombay) Pvt. Ltd.
  • Contify.com