Major Investment Scam Uncovered in Hyderabad, Two Accused Charged
In a significant financial fraud case, the Central Crime Station (CCS) in Hyderabad has registered a cheating case against two individuals for allegedly duping multiple investors of over Rs 1 crore under the guise of stock market investments. The case was initiated following a formal complaint by a 51-year-old resident of Bahadurpura, highlighting a sophisticated scheme that preyed on trust and promises of high returns.
How the Alleged Scam Operated
According to police reports, the accused have been identified as Syed Wahed Ali and Durga Ravi Chandra. They allegedly approached the complainant in 2024, presenting themselves as representatives of a stock trading firm operating from Raj Bhavan Road in Hyderabad. The duo reportedly convinced the victim to invest in various trading activities, including equity, futures and options, MCX, and currency trading.
The complainant stated to authorities that the accused projected themselves as professional traders, offering assurances of steady profits while guaranteeing the safety of the invested capital. "Trusting their claims, I invested about Rs 41 lakh on different occasions over several months," he detailed in his official complaint, underscoring the significant financial commitment made based on false promises.
Multiple Investors Affected, Funds Misappropriated
The fraud extended beyond a single victim. The complainant further alleged that, based on the assurances provided by the accused, several other individuals also invested money through his reference. "Together, we have invested more than Rs 1.1 crore. The accused executed investment agreements and memoranda of understanding with us regarding trading operations and profit sharing," he explained, indicating a structured yet deceptive setup.
However, after collecting the substantial funds, the accused allegedly failed to provide any trading updates or returns on the investments. "For the past few months they have stopped responding to our calls and messages and have not returned the invested money," the complainant alleged, pointing to a complete breakdown in communication and accountability.
Legal Action and Ongoing Investigation
Following a preliminary enquiry, CCS police officially registered the case on March 6. The charges have been filed under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita, along with Section 5 of the Telangana Protection of Depositors of Financial Establishments Act. Notably, the case has also been registered against two private firms linked to the accused, broadening the scope of the investigation.
Police authorities have confirmed that documentary evidence is being thoroughly examined as part of the ongoing probe. This includes investment agreements, bank transfer records, and payment receipts, which are crucial for building a strong case against the perpetrators. The investigation aims to uncover the full extent of the fraud and ensure justice for the affected investors.
This incident serves as a stark reminder for investors to exercise due diligence and verify the credentials of financial advisors and firms before committing substantial funds. The CCS continues to investigate the matter, with further developments expected as the legal process unfolds.
