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