Two city residents conned of ₹1.16 crore in stock trade scam

In two new cases of stock market trading fraud, the Cybercrime Police of Hyderabad arrested four men for conning two Hyderabad citizens of ₹1.16 crore.

In the first case, the police arrested Tamanam Surendra and Damacharla Naresh Babu, residents of Uppal in Hyderabad, on a charge of defrauding A. Harish (39), a businessman from West Marredpally, of over ₹57.3 lakh.

This is not the only case involving them. As per NCRP data, 83 cases were registered all over India against the accounts supplied by them. The two supplied eight accounts to

Raj Takur, a resident of Delhi, Jagadeesh and Bharath Dasineni, both residents of Nellore, all absconding, via the Telegram App. They supplied accounts on 1.5% commission per one lakh transaction. Within three months they transacted an amount of ₹5 crore, an official said.

The complaint was filed in February 2024, as per which the victim was added on a WhatsApp group named ‘Goldman Sachs Securities Investment Management Ltd’. Then a link was sent to download an app and start investing. “The fraudsters, after initially suggesting to Harish to invest a smaller amount and giving profitable returns, later conned him of his entire investment,” the official explained.

In a similar case, the police arrested Gadila Sai Goud and Shilamkoti Sai Kumar of Sangareddy on a charge of conning Vaddireddy Ravindra Natha Reddy (62) from Balkampet in Hyderabad of ₹ 58.6 lakh on the pretext of giving tips for stock trading on a WhatsApp group named ‘Sequoia Capital Business School’.

The two were doing trading transactions for ‘Binance Crypto Exchange P2’ for Pinku and Sharath at 5% of commission. Both Goud and Kumar have conned public of over ₹13 crore in 45 cases across India, with three cases in Telangana alone.