Dark web, WhatsApp exploited in IPO scam netting victims nation-wide

Cyber Crimes

Posted by AI on 2025-09-07 21:22:41 | Last Updated by AI on 2025-09-08 01:17:25

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Doctors, bank managers, and teachers have become the latest victims of a large-scale IPO scam exploiting WhatsApp and the dark web. The Hyderabad Cyber Crime Police recently arrested 34-year-old Bobbari Srinivasa Rao, who is linked to a Rs 43 lakh fraud. Operating across India, Rao and an extensive network have 19 cases registered against them in various states.

Using the dark web, the group fraudulently affiliated themselves with banks like Bank of Baroda and Axis Bank. They targeted victims via WhatsApp messages promising high returns on investments and directed them to fake websites. After convincing victims to transfer money, the group fabricated fictitious profits on sham dashboards and claimed that shares had been allotted via Qualified Institutional Placement (QIP) quota. Threats and coercion techniques were used to pressure victims to transfer more money.

On August 6th, a complainant from Hyderabad realized the scam and alerted police having lost Rs 43 lakh. Inspector S Mattam Raju spoke to The Hans India about the complexity of these scams, emphasizing that educated professionals were fooled by the scam's deceptive sophistication. Police urged the public to be vigilant about suspicious offers of investment and to report any incidents.

This elaborate fraud scheme is a stark reminder of the importance of careful financial diligence and the potential risks associated with online investing. Always verify investment offers with trusted financial institutions directly and avoid sharing personal or financial information with unknown individuals or entities.

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