Hyderabad, June 24
Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested
The Hyderabad Cybercrime Police have arrested two individuals in connection with a massive investment fraud that allegedly cheated a city resident of ₹1.22 crore through a fake WhatsApp stock trading group posing as a Barclays investment platform.
According to police officials, the victim was added to a WhatsApp group named “282 BARCLAYS India High-Quality Stock Trading Research Group”, where fraudsters lured him into investing in fake online trading platforms by promising high returns and lucrative IPO allotments.
How the Fake Investment Scam Worked; Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested
Investigators revealed that the scammers directed the victim to invest through fraudulent websites, including BarclaysDailyTrading.com and app.bulishmark.com. To gain the victim’s trust, the fraudsters initially allowed him to withdraw ₹1.05 lakh from the platform.
Encouraged by the successful withdrawal and promises of substantial profits, the victim continued investing larger amounts over time. He eventually transferred ₹1.22 crore through 19 separate transactions to accounts provided by the fraudsters.
The fake trading platform later displayed a fabricated profit of ₹15.69 crore in his account. However, when the victim attempted to access the funds, the scammers demanded an additional ₹35 lakh as a processing fee to release the alleged IPO holdings.
Realizing he had fallen victim to a sophisticated cyber fraud, the Hyderabad resident approached the Cybercrime Police and lodged a complaint. Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested
Police Uncover Organized Network of Mule Bank Accounts
During the investigation, cybercrime officials discovered that the fraud was part of a larger organized network operating across multiple states.
Police said the main accused had established a company to open high-value current bank accounts, which were later used as mule accounts for routing fraudulent transactions. Internet banking credentials were allegedly handed over to third parties in exchange for commissions. Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested
Investigators also found that additional bank accounts were acquired through commission-based arrangements, while some accounts were operated remotely using manipulated OTP verification methods.
Accounts Linked to Multiple Cybercrime Cases; Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested
The scale of the operation became evident after police traced the flow of funds through various bank accounts.
One YES Bank account linked to the accused was found to be connected to 26 cybercrime cases across India, including four cases registered in Telangana. Authorities revealed that transactions worth approximately ₹1.10 crore had passed through the account.
Similarly, a Central Bank of India account associated with the network was linked to 18 cybercrime cases nationwide, including two cases in Telangana, with around ₹3.37 crore routed through it.
Police stated that six additional suspects were involved in procuring and supplying bank accounts used in the fraudulent operation and received commissions for their role. Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested
Cybercrime Police Issue Public Warning
The Hyderabad Cybercrime Police have urged citizens to exercise caution while joining investment groups on social media platforms, especially those promising guaranteed returns, stock market tips, or exclusive IPO allocations.
Officials advised investors to verify the authenticity of trading platforms and avoid transferring money based solely on recommendations received through WhatsApp, Telegram, or other messaging applications.
Victims of cyber fraud can seek immediate assistance by calling the national cybercrime helpline 1930 or filing a complaint through the official cybercrime reporting portal. – Hyderabad Man Loses ₹1.22 Crore in Fake Barclays WhatsApp Investment Scam; Two Arrested