Two arrested in Adilabad for Rs 1.19 crore stock market fraud

The accused persuaded victims to invest in a fake stock trading application by showing fabricated profit figures.

Adilabad: The Utnoor Police in Adilabad district have arrested two men for allegedly cheating almost 25 people of Rs 1.19 crore by luring them into fraudulent online stock market investments with promises of high returns, a senior official said on Tuesday, April 7.

The accused have been identified as Syed Javed, 39, a resident of Navodaya Nagar Lakkaram village in Utnoor mandal, and Kothapelli Gangadhar, 35, a registered medical practitioner  (RMP) from Ghanpur village, Utnoor.

District Superintendent of Police (SP) Akhil Mahajan said the accused targeted residents of Utnoor and surrounding villages, persuading them to invest in a fake stock trading application by showing fabricated profit figures. The duo is said to have used the proceeds to purchase houses and open plots.

A case has been registered at Utnoor Police Station invoking sections 316(2) (criminal breach of trust) and 318(4) read with 3(5) (cheating and dishonestly inducing delivery of property by multiple persons) of the Bharatiya Nyaya Sanhita (BNS). Both accused were arrested on Monday, April 6, and subsequently remanded in judicial custody.

During searches, police seized three mobile phones, including an iPhone 16 Pro, along with bank passbooks, open plot documents and property papers from the accused.

The SP urged residents to remain vigilant against investment fraud and asked any additional victims to come forward and contact the district police without hesitation.