Punjab man arrested in ₹86 lakh online trading fraud

A 27-year-old man from Punjab has been arrested by Hyderabad cyber crimes police in connection with an online trading scam that cheated a city-based freelance trader of more than ₹86 lakh.

The accused, Gurdit Singh of Janta Nagar, Ludhiana, operated bank accounts used to collect funds from victims lured into fraudulent investment schemes.

An officer from the wing said that the case began when a 64-year-old freelancer online trader from Hyderabad received WhatsApp messages in April 2025, offering supposedly high returns on institutional stock trades, IPOs under the QIB quota, and over-the-counter deals.

“The victim was told that profits would range from 2% to 20% on institutional stocks and up to 80% on OTC trades. Influenced by false claims and manipulated by fabricated profits displayed on a trading app called SMC Ace, the victim kept investing larger amounts. At one stage, small amounts were credited to his account to build confidence,” said the officer.

However, when he attempted to withdraw funds, the app failed to process requests. The fraudsters then pressured him to invest more, citing high profits but withholding earlier deposits. Realising it was a scam, the victim lodged a complaint, revealing losses totalling ₹86,65,563.

Police registered the case under sections of the IT Act and Bharatiya Nyaya Sanhita. Gurdit Singh was traced to Punjab, where he was apprehended. A mobile phone and debit card used in the fraud were seized.