Hyderabad, Sept. 20 -- A 27-year-old individual, Gurdit Singh, resident of Punjab, was arrested by Hyderabad's cybercrime team on charges of Rs 86.65 lakh investment fraud.

According to the police, they received a complaint from a 64-year-old resident of Hyderabad stating that in April, he received a WhatsApp message offering an opportunity to earn high profits through trading in Institutional Stocks, Over-the-Counter (OTC) trades and IPOs under the Qualified Institutional Buyers (QIB) quota.

The message promised profits ranging from 2 to 20 percent on institutional stocks and 10-80 percent on OTC trades.

The victim was lured into depositing money into an SMC Ace app, but when he tried to withdraw the amount, the app stopped working. ...