Hyderabad: A 28-year-old man has been arrested in connection with a stock trading fraud that duped a Hyderabad-based civil engineer of over Rs 20 lakh.
The accused has been identified as Himanshu Swam, an accountant from Gurugram, Haryana. He is involved in at least 43 cases across India, including six in Telangana. His arrest follows a complaint from a 49-year-old victim who was lured into investing in stocks through a fraudulent WhatsApp message.
According to reports, the victim was added to a WhatsApp group where he was given stock investment advice and promised triple returns. Initially, he invested a small amount and was able to withdraw profits successfully through the Alptrade platform. Later, he continued transferring funds, with fraudsters claiming that his investments were tied to bulk stocks and IPOs promising massive returns.
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However, when he attempted to withdraw a significant amount, he was told that the funds were still locked in IPOs. The fraudsters then demanded an additional Rs 15 lakh for the release of the investment. When the victim refused, he was blocked from all communication.
Based on the complaint, police arrested the accused and are working to locate other accused, Pawan Jain, who remains absconding.
Further investigation is ongoing.
