Gowlidoddi Techie Defrauded of Rs 37 Lakh by Fake SEBI Analysts

A software engineer residing in the Gowlidoddi area of Hyderabad was defrauded of more than Rs 37 lakh after fraudsters posing as SEBI-authorised stock market analysts lured him with promises of guaranteed returns. Following a complaint from the victim, the Cyberabad Cybercrime Police registered a case and launched a formal investigation into the suspected investment fraud.

According to the Cyberabad Cybercrime Police, the complainant is a resident of Gowlidoddi who has been actively investing in the stock market since 2022. The fraudulent scheme began in February this year when the software engineer received phone calls from two individuals.

The callers identified themselves as Bilal and Mayank. During their conversations, the duo claimed to be stock market analysts authorised by the Securities and Exchange Board of India (SEBI). They assured the Gowlidoddi resident that any investments made based on their professional recommendations would yield 100 per cent profits.

Believing the false assurances of Bilal and Mayank, the software engineer trusted their claims and decided to act on their advice. He subsequently invested a total sum of over Rs 37 lakh in various stocks as recommended by the two self-proclaimed analysts.

Instead of generating the promised high returns, the investments quickly resulted in severe financial losses. The downward turn in the stock market investments eventually wiped out the victim's entire investment of more than Rs 37 lakh.

Upon realising the extent of the financial damage, the software engineer confronted Bilal and Mayank regarding the losses. However, the callers allegedly denied all responsibility for the outcome. They informed the victim that they could not be held accountable for any financial losses incurred while trading in the stock market.

Suspecting that he had been targeted and cheated by fraudsters operating under the guise of SEBI-recognised advisory firms, the software engineer approached the local authorities. He lodged an official complaint with the Cyberabad Cybercrime Police.

The Cybercrime Police have officially registered a case regarding the incident. Officers have launched an active investigation to trace the individuals operating under the names Bilal and Mayank and to uncover the details of the fraudulent investment operation.