A 38-year-old man from Alwal in Hyderabad was duped of ₹87.69 lakh in an online investment scam operated through a fake trading network.
According to a report by Deccan Chronicle, the victim was added to a WhatsApp group named ‘VIP Group Infinity’ on January 1, 2026. The group was allegedly managed by a fraudster identified as Kostub, along with several associates using multiple mobile numbers. In the group, members regularly shared stock market tips, IPO recommendations, and fabricated profit screenshots to gain the trust of participants.
The victim was then persuaded to download a trading application called EPQC, which was projected as a platform offering high returns. Initially, he invested ₹25,000 and received a profit of ₹1,000, which he was able to withdraw. This small return helped build his confidence in the platform.
Encouraged by the initial gains, he continued investing larger amounts over time. The fraudsters later convinced him to invest in an IPO of Ashapura Minechem Limited using wallet funds within the app. However, when they demanded additional payments for IPO processing, the victim grew suspicious and refused.
When he attempted to withdraw his invested money, he found himself unable to do so. Soon after, the application stopped functioning, and the fraudsters became unreachable.
Realising he had been cheated, the victim approached the Malkajgiri Cybercrime Police and filed a complaint. An investigation is currently underway.
