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Hyderabad: A Hyderabad-based software engineer was duped of Rs 51.40 lakh by cyber fraudsters who lured him by promising high returns on investments in institutional trading.

The victim approached the Cyberabad Cybercrime unit and filed a complaint stating that he was added to a WhatsApp group in 2025 by fraudsters posing as stock market experts. They introduced a trading application named RARCII, claiming it was linked to legitimate market operations and institutional accounts.

He was persuaded to download the app and invest in schemes including block trades, upper‑circuit stocks and IPO subscriptions.

The accused showed large profits within the app and assured daily withdrawals, encouraging the victim to invest increasing amounts over several weeks. Between September and October 2025, he transferred money to multiple accounts provided by the fraudsters.

The app displayed virtual profits of more than Rs 59 lakh, creating the impression that the investments were performing well. However, when the victim attempted to withdraw funds, the accused blocked transactions and demanded additional payments.

The complainant later discovered the platform was fraudulent and the profits fictitious. He approached regulatory authorities and lodged a complaint with Cyberabad Cyber Crime police.

Based on the complaint the police registered a case of cheating under section 318(4),  319(2) (cheating by personation), 336(3) (forgery for purpose of cheating), 338 (forgery of valuable security, will, etc.) and 340(2) (using as genuine a forged document or electronic record), read with 3(5) (common intention) of the Bharatiya Nyaya Sanhita and Section 66-D of the Information Technology Act.