IPO app scams cost ₹27.4 cr. in two months in Hyderabad

The victims were promised quick and substantial profits by securing pre-allotment of shares in upcoming Initial Public Offerings (IPOs).

BySouth First Desk

Published Mar 02, 2024 | 2:18 PMUpdatedMar 02, 2024 | 2:18 PM

WhatsApp group IPO scam Hyderabad sees ninefold increase in first two months; Kukatpally businessman loses ₹5.98 crore (1)

Nearly one-third of IPO fraud investment schemes reported in Hyderabad operated in the first two months of 2024, the Telangana police said on Friday, 1 March. While a cumulative loss of over ₹3.91 crore in 627 cases was reported in 2023, fraudsters got away with a staggering ₹27.40 crore in 213 cases reported in January and February alone this year.

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