73-year-old retiree in Hyderabad loses ₹22.5 lakh to fake Sharekhan stock market scam involving fraudulent IPO investments

Summary

A 73-year-old retired individual in Hyderabad lost Rs 22.5 lakh to a stock market scam involving fake Sharekhan agents. The victim was contacted by a fraudster posing as a chief investment officer and was convinced to invest in IPOs through a fraudulent trading platform. The scam involved investments in IPOs of Denta Water and Infra Solutions Limited and GB Logistics Commerce Limited, with the victim transferring money to a fraudulent account. The scammer used a fake website, www.sharekhanedge.com, to allocate and sell shares at a loss. The victim became suspicious after being asked to make additional payments and filed a complaint with authorities. Cybercrime advisories now warn investors to avoid fake investment platforms and report fraud through designated channels.