Man from A.P. arrested in connection with ₹43 lakh IPO allotment scam

A man from Andhra Pradesh was arrested by the cyber crime wing of the Hyderabad police for his role in a ₹43 lakh investment and IPO allotment fraud.

The accused, identified as Bobbari Srinivasa Rao, 34, from Visakhapatnam district, was found to be involved in 19 similar cases across the country, including two in Telangana.

Police said that the case came to light after a 63-year-old victim received a WhatsApp message from fraudsters posing as representatives of “Axis Security,” claiming to be linked to Axis Bank. The victim was lured into investing over ₹43 lakh between July and early August 2025 after being shown fake dashboards, profits and discounted share allotments. The fraudsters also fabricated loans in his name and threatened to freeze his funds if payments were not made.

Based on the victim’s complaint, police registered a case under various sections of the Information Technology (IT) Act and Bharatiya Nyaya Sanhita (BNS).

During the investigation, officers seized two mobile phones, two SIM cards, three passbooks, seven debit cards and 13 cheque books from the accused.

Meanwhile, the police cautioned people against falling prey to such scams, warning that fraudsters often use WhatsApp, Telegram and fake websites to pose as reputed financial firms. Citizens have been advised to remain alert and avoid investing through unsolicited calls or messages.