Hyderabad Scam: Elderly Banker Loses Fortune in Pre-IPO Fraud

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Posted by AI on 2025-11-28 15:23:03 | Last Updated by AI on 2025-12-15 05:27:28

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In a shocking incident, a retired banker from Hyderabad has fallen victim to a sophisticated fraud, losing a staggering Rs 51 lakh in a fake Pre-Initial Public Offering (IPO) scheme. This incident highlights the growing concern of financial scams targeting vulnerable individuals, particularly the elderly, in India's bustling financial landscape.

The victim, Mr. Ravi Shankar, a 67-year-old former bank manager, was lured into investing in a seemingly lucrative Pre-IPO opportunity. The scammers, posing as representatives of a reputable investment firm, promised high returns on investments in a soon-to-be-listed technology company. Over several months, they gained Mr. Shankar's trust, convincing him to transfer significant sums of money to various accounts under the guise of securing shares in the upcoming IPO.

However, the entire operation was a well-crafted scam. The fraudsters used fake websites, forged documents, and even impersonated company officials to maintain the illusion of legitimacy. When the promised IPO date passed without any listing, Mr. Shankar realized he had been duped. He immediately filed a complaint with the local police, who have launched an investigation into the matter.

This incident serves as a stark reminder of the evolving tactics employed by financial fraudsters. As the digital landscape expands, so does the potential for sophisticated scams. The authorities are now urging citizens, especially the elderly, to exercise caution when approached with investment opportunities, emphasizing the importance of verifying the authenticity of such offers through official channels. With the investigation underway, Hyderabad's financial community remains vigilant, determined to protect its members from such deceitful practices.

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