Retired DRDO Scientist Duped of Rs 62 Lakh in Online Investment Scam

A 65-year-old retired Defence Research and Development Organisation (DRDO) scientist from Badangpet was cheated of Rs 62 lakh in an online stock investment scam.

According to Rachakonda Cyber Crime Police, the incident began on February 27 when the victim received a link on WhatsApp. After clicking it, he was added to a group named ‘Awarigafin NNM S116’, which had over 100 members. The group was allegedly managed by a person named Diya Verma, who promised high returns through investments in institutional stocks, Over The Counter (OTC) stocks, and Initial Public Offerings (IPOs).

The victim initially invested Rs 20,000. Over time, the fraudsters convinced him to deposit larger amounts. “The app showed a wallet balance of Rs 1.35 crore. But when I tried to withdraw, they demanded Rs 21 lakh as commission. After paying it, I was asked to pay another Rs 32.6 lakh as income tax charges. When I said I couldn’t pay, they blocked my access to the app,” the victim stated in his complaint.

Between March 8 and May 3, the victim transferred a total of Rs 62 lakh in 28 transactions to various bank accounts given by the scammers.

Following his complaint, the Rachakonda Cyber Crime Police registered a case under Sections 316(2), 319(2), and 318(4) of the Bharatiya Nyaya Sanhita (BNS), and Sections 66C and 66D of the Information Technology Act. An investigation is underway.