Hyderabad is witnessing an ongoing battle against cyber criminals who frequently deceive unsuspecting individuals with convincing messages that imitate official bank communications.
In a recent incident, a 63-year-old resident of Hyderabad fell victim to a scam involving fake IPO allotments. The fraudsters, pretending to be from “AXIS Security” on WhatsApp, promised lucrative IPO opportunities and trading benefits. Over a span of 20 days, the victim transferred a total of Rs 43 lakh through four different transactions.
The scammers employed fake dashboards to display false profits and created a fictitious loan to pressure the victim further. They even threatened to freeze the victim’s funds to ensure compliance.
On August 6, 2025, the victim realized the deception and reported it, resulting in the arrest of Bobbari Srinivasa Rao, a 34-year-old from Visakhapatnam. Rao was found to be involved in 19 cases across the country. This case highlights a new tactic where criminals exploit the trust of a bank’s brand through social engineering on platforms like WhatsApp.
