Hyderabad: Despite numerous fraud cases, cyber fraudsters continue to target vulnerable age groups with attractive figures and messages that mimic official bank communications.

A recent case in Hyderabad saw a 63-year-old victim lose Rs 43 lakh in an IPO allotment fraud. The fraudsters posed as “AXIS Security” via WhatsApp to lure the victim with promises of IPO allotments and trading gains. Over 20 days, the victim transferred Rs 43 lakh in four payments.

The scammers used fake dashboards to show fabricated profits and even created a phony loan to pressure the victim, threatening to freeze funds if they did not comply.

On August 6, 2025, the victim realised the scam and reported it, leading to the arrest of Bobbari Srinivasa Rao, a 34-year-old from Visakhapatnam involved in 19 cases nationwide. This scam reveals a fresh angle where criminals exploit a bank’s trusted brand using social engineering on platforms like WhatsApp.