Hyderabad: Cyber Crime Police on Tuesday arrested two men from Mumbai in a Hyderabad investment fraud linked to a fake stock trading scheme that cheated a woman of ₹23.48 lakh.
Police identified the accused as Dharmesh Jaswantbhai Barot alias Lali, 35, and Mohd Shahid Hanif Ansari, 38. According to investigators, the duo ran an organised syndicate. They targeted victims through WhatsApp groups by promising high stock market returns.
On August 9, 2025, the victim approached Cyber Crime Police with a complaint. She said unknown persons added her to a WhatsApp group. There, members discussed so-called expert share trading tips.
Initially, the accused shared small tips that showed limited profits. As a result, they gained the victim’s confidence. Later, they persuaded her to invest in “Block Deals” using a fake application called the FaerPE Trading App.
Subsequently, the accused directed her to transfer money into several bank accounts. These transfers funded the app’s digital wallet. However, after allowing small withdrawals, they froze her full investment of ₹23,48,501. They falsely cited a “T+2 settlement period” to block access.
Police explain modus operandi in Hyderabad investment fraud
During the investigation, police found that the accused circulated malicious links through WhatsApp. These links redirected victims to fake trading platforms. Moreover, the platforms displayed manipulated dashboards and profit charts.
Investigators said Dharmesh Barot recruited Rapido bike taxi drivers for the operation. In return, he promised commissions of up to ₹10 lakh for using their bank accounts. Mohd Shahid was one such recruit, police said.
Thereafter, the accused used these accounts to route and layer the cheated money. One such account was an RBL Bank account named “Naira Enterprises.” Consequently, the method made the money trail harder to track.
During the operation, police seized two mobile phones from the accused. A team led by Inspector S Naresh cracked the case. Meanwhile, SI P Suresh and other staff assisted the probe. Assistant Commissioners of Police Shiva Maruthi and V Jaipal Reddy supervised the investigation.
Following the arrests, police issued a public advisory. They warned citizens against schemes promising guaranteed or high returns. Therefore, officials urged people to invest only through SEBI-registered brokers and verified platforms.
