Despite the rise in cyber fraud cases, scammers continue to target vulnerable individuals. Recently in Hyderabad, a 63-year-old man lost ₹43 lakh in an IPO allotment scam. The fraudsters, posing as “AXIS Security” on WhatsApp, promised the victim lucrative trading opportunities and IPO allotments.
Over the course of 20 days, the victim transferred the money in four payments. The fraudsters showed him fake trading dashboards to convince him of fake profits. They also created a phony loan to pressure the victim, threatening to freeze his funds if he didn’t comply.
The scam was exposed on August 6, 2025, when the victim realized he had been tricked and reported it. This led to the arrest of Bobbari Srinivasa Rao, a 34-year-old from Visakhapatnam. Rao was involved in 19 similar fraud cases nationwide.
This incident highlights how scammers are using social engineering tactics and exploiting the trust that people place in well-known banks to trick victims. Fraudsters often mimic official communications via platforms like WhatsApp, targeting unsuspecting individuals.
