Cyber fraudster held for duping investor of 24.7 lakh via pretend buying and selling app

The Cyber Crime Police of Hyderabad arrested a 28-year-old man from Kadiri in Anantapur district, Andhra Pradesh, for his alleged involvement in an internet funding and buying and selling rip-off. The accused was remanded to judicial custody following his arrest in Tirupati.

According to an officer from Cyber Crimes wing, Kandukuru Sulthan Ahmad Khan was arrested after a resident of Kalyan Nagar lodged a criticism stating that on the evening of August 21, he obtained a WhatsApp message from a gaggle named ‘Navuma 915 Insights Stocks’, encouraging him to spend money on an app referred to as ‘Nuvama Insights Stocks’ with guarantees of excessive returns.

“Convinced by the group’s claims, the sufferer transferred ₹24,71,000 via UPI and financial institution transfers. The app later confirmed a stability of ₹40.60 lakh, however when he tried to withdraw the funds, entry was denied and he was requested to pay a further ₹23 lakh,” mentioned the officer.

The investigation revealed that the fraudulent transactions have been routed via a checking account held within the title of ‘Sultan Imports & Exports’ at Karur Vysya Bank. Police recognized the account holder as Khan, who had provided pretend financial institution accounts for fee via a Telegram group. He informed investigators {that a} Telegram consumer, ‘P@anda_566_66’, recruited him to offer financial institution accounts to launder rip-off proceeds in trade for commissions.

On September 20, 2025, Khan met three people, Teja, Ajay, and Prabu, at Kachiguda railway station, the place he handed over his cheque ebook, ATM card, and SIM card. Days later, $2,100 in cryptocurrency (USDT) was transferred to his Binance pockets, which he transformed to Indian Rupees and deposited ₹2,00,000 into his DBS Bank account. Police mentioned Khan had additionally offered a number of different financial institution accounts, together with one with Karnataka Bank, receiving 20% fee for every.

Within simply three days, the accused and his associates allegedly cheated victims of almost ₹3 crore. Investigations additional revealed his involvement in not less than 15 cyber-fraud circumstances throughout India, eight in Telangana and Andhra Pradesh, and others in Gurugram, Thane, Lucknow, Delhi, Bengaluru, Udupi, Kancheepuram, Thanjavur, and Ranchi.