Sexagenarian duped of Rs 43 lakh in IPO scam
HYDERABAD: Cybercrime police on Tuesday arrested a 34-year-old man, Bobbari Srinivasa Rao of Andhra Pradesh, in connection with an alleged initial public offering (IPO) allotment fraud. He is involved in 19 cases across India, including two in Telangana, and is known to operate as an account holder and account supplier.
The case was registered on the complaint of a 63-year-old man who lost over Rs 43 lakh. The victim said he received a WhatsApp message from “AXIS Security”, which he mistook for Axis Bank, offering IPO allotments and trading options. Believing it genuine, he invested the money in four transactions between July 12 and early August this year.
