Hyderabad, Telangana: In a major breakthrough, the Hyderabad Cyber Crime Police arrested L. Anand Reddy and E. Laxma Reddy for defrauding a 52-year-old woman from Troopbazaar of ₹3.79 lakhs through a fake online trading platform. The victim was initially lured via a Facebook advertisement promoting “Block Trading” and added to a bogus WhatsApp group called “K-2 Nuvama Wealth Group.” Masquerading as financial advisors, the accused permitted a small withdrawal to build trust before demanding a 30% “profit tax” on further transactions—prompting the victim to realize the deception and file a complaint.
Investigations revealed the fraudsters used social media, WhatsApp, Telegram, and internet calls to contact victims while maintaining fake identities and sharing fabricated profit visuals to gain credibility. Once victims transferred money, communication was cut off, and the funds were funneled through multiple “mule” accounts. Anand Reddy was identified as the mastermind who procured and managed these mule accounts, while Laxma Reddy held the fraudulent account used in the scam.
The police seized four SIM cards and two mobile phones used in the operation. Authorities have issued public advisory urging citizens to stay vigilant against unsolicited investment offers and avoid clicking unknown links promising high returns. Victims of cyber fraud are encouraged to report incidents promptly via the national helpline 1930 or the website cybercrime.gov.in.
