Hyderabad: In a shocking case of cybercrime, a 72-year-old retired IAS officer from Hyderabad, Kaza Ratna Kishore, has reportedly lost over ₹3.37 crore to a sophisticated online trading scam operated by fraudsters impersonating officials from a reputed financial services firm.
The scam, which claimed to offer AI-powered stock trading with high returns, has now led to a criminal investigation by the Hyderabad Cyber Crime Police.
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How the Scam Unfolded: Fake Trading, False Promises, and Emotional Manipulation
According to the FIR filed at Cyber Crime Police Station, TGCSB, the scam began in May 2025, when the victim was approached via WhatsApp by a woman named Arjun Mehta, who introduced him to an investment platform masquerading under the name and branding of Dhani Securities.
The fraudulent scheme lured the victim with promises of:
- AI-driven trading models with 90% accuracy
- Exclusive access to profitable IPOs and mutual funds
- Returns of 120–160% on select investment products
Another fraudster, posing as Arjun Ramesh Mehta, the so-called Chief Investment Officer, kept the victim engaged with fake trading dashboards, market predictions, and fake daily profit reports—encouraging more deposits to unlock promised returns.
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Rs 3.37 Crore Lost in 33 Transactions Across Multiple Banks
Despite assurances, the victim was asked to pay a “platform fee” of ₹2.23 crore to access his supposed profits of ₹25.91 crore. The total loss spanned:
- 33 bank transactions
- Accounts in ICICI Bank, SBI, and Union Bank of India
- Multiple fake websites and communication channels
Even after paying the platform fee, the victim couldn’t withdraw any amount. The platform maintained a fake running balance, giving an illusion of active trading and growth.
Police Register Cyber Fraud Case Under New BNS and IT Act
Cyber Crime Police have registered a case under:
- Sections 318(4), 319(2), 338 of the Bharatiya Nyay Sanhita (BNS)
- Section 66-D of the Information Technology Act, 2000
Inspector D Ashish Reddy and DSP KVM Prasad are leading the investigation. Police are now working to trace the suspects and freeze the fraudulent bank accounts.
Public Advisory: Don’t Fall for High-Return AI Investment Traps
Authorities have warned the public against falling for “too-good-to-be-true” investment opportunities. Citizens are urged to:
- Verify any trading platform’s SEBI registration
- Avoid transferring money to unknown entities
- Report suspicious investment offers immediately