Hyderabad’s cybercrime police have successfully apprehended a 27-year-old individual from Punjab, who is allegedly linked to an extensive online trading scam. This elaborate scheme defrauded a freelance trader in the city of a staggering ₹86 lakh.
The accused, identified as Gurdit Singh from Janta Nagar, Ludhiana, reportedly managed several bank accounts. These accounts were instrumental in collecting funds from unsuspecting victims who had been ensnared by false promises of lucrative investment opportunities.
According to a cybercrime officer, the investigation began in April 2025 after a 64-year-old freelance online trader from Hyderabad reported being targeted. He had received enticing WhatsApp messages promoting institutional stock trades, IPOs under the QIB quota, and over-the-counter deals, all promising exceptionally high returns.
The fraudsters claimed that profits could soar from 2% to 20% on institutional stocks, and even up to a remarkable 80% on OTC trades. Lured by these deceptive assurances and manipulated by a fraudulent trading application named ‘SMC Ace’ that displayed fabricated profits, the victim progressively invested larger sums. To further cement their trust, small amounts were initially credited to his account, creating a false sense of security.
The illusion shattered when the victim tried to withdraw his accumulated funds, only for the app to consistently reject his requests. Subsequently, the perpetrators intensified their pressure, demanding more investments while continuously withholding his previous deposits. Recognizing he had fallen victim to a sophisticated scam, the trader promptly filed a complaint, detailing his substantial losses, which amounted to ₹86,65,563.
Authorities registered the case under relevant sections of the IT Act and the Bharatiya Nyaya Sanhita. Following a thorough investigation, Gurdit Singh was successfully tracked down and apprehended in Punjab. A mobile phone and debit card, both confirmed to have been used in orchestrating the fraud, were confiscated as evidence.