Hyderabad: Central Crime Station (CCS) sleuths registered a cheating case against two persons for allegedly duping multiple investors of over Rs 1 crore in the name of stock market investments. The case was registered following a complaint by a 51-year-old resident of Bahadurpura.According to police, the accused, identified as Syed Wahed Ali and Durga Ravi Chandra, allegedly approached the complainant in 2024, introducing themselves as representatives of a stock trading firm operating from Raj Bhavan Road. They reportedly convinced him to invest in various trading activities such as equity, futures and options, MCX and currency trading.The complainant told police that the accused projected themselves as professional traders and assured him of steady profits while guaranteeing the safety of the invested capital. “Trusting their claims, I invested about Rs 41 lakh on different occasions over several months,” he stated in the complaint.He further alleged that based on the assurances given by the accused, several other individuals also invested money through his reference. “Together, we have invested more than Rs 1.1 crore. The accused executed investment agreements and memoranda of understanding with us regarding trading operations and profit sharing,” the complainant said.However, after collecting the funds, the accused allegedly failed to provide trading updates or returns on the investments. “For the past few months they have stopped responding to our calls and messages and have not returned the invested money,” he alleged.Following a preliminary enquiry, CCS police registered a case on March 6 under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita, along with Section 5 of the Telangana Protection of Depositors of Financial Establishments Act. The case has also been registered against two private firms linked to the accused.Police said documentary evidence, including investment agreements, bank transfer records and payment receipts, is being examined as part of the ongoing investigation.
