A man from Kanpur South has been arrested for allegedly duping a Hyderabad-based businessman of nearly ₹2 crore through a share market scam orchestrated via social media. The arrest, led by the Telangana Police with support from local law enforcement, reveals a deeper pattern of cyber-enabled investment frauds thriving in the digital shadows.
Amar Sharma has been arrested for allegedly duping a Hyderabad businessman out of ₹1.98 crore. The scam was orchestrated through social media platforms and hinged on promises of stock market profits, once again spotlighting the unchecked rise in online investment frauds.
The businessman, whose identity is withheld for privacy, was lured into the trap via Facebook, where Amar Sharma posed as an investment advisor. Promising abnormally high returns, Sharma encouraged him to invest large sums in the stock market. Over time, the businessman transferred funds amounting to nearly ₹2 crore in multiple installments. It was only after repeated delays and excuses from Sharma regarding returns that the victim realized he had been conned.
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The investigation gained momentum when the Hyderabad-based victim lodged a formal complaint with Telangana’s cybercrime division. Initial digital trails led the police to a man named Nikhil in Delhi, who was taken into custody and questioned. During his interrogation, Nikhil disclosed the involvement of Amar Sharma, a key link in the fraud.
Following this lead, a special Telangana police team travelled to Uttar Pradesh. With the assistance of the Kidwai Nagar police in Kanpur South, they arrested Sharma from his residence on Sunday evening. The swift inter-state cooperation between the Telangana and Uttar Pradesh police played a crucial role in the timely arrest.
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Confirming the arrest, Kidwai Nagar Station Inspector Dharmendra Kumar Ram said, “Telangana Police have taken the accused into custody and are carrying him back for further investigation. We extended full cooperation to ensure he was apprehended without delay.”
The Bigger Picture: Rise in Social Media Investment Scams in India
This case is emblematic of a broader, disturbing trend: the growing frequency of cybercrimes executed through social networking platforms. Fraudsters are increasingly using platforms like Facebook, Telegram, and WhatsApp to impersonate traders, financial experts, or brokers and trap unsuspecting individuals into fake investment schemes.
Experts say that while digital access has democratized investment opportunities, it has also made users vulnerable. “There’s little to no verification of identity on these platforms. Coupled with greed and lack of financial literacy, it’s a potent mix that conmen exploit,” said a Hyderabad-based cybercrime analyst.
According to recent NCRB data, financial frauds via digital platforms have risen over 200% in the last three years, with many victims choosing not to report cases due to embarrassment or procedural delays.
Authorities have urged citizens to exercise caution and verify the authenticity of any investment advisor or financial service provider before transferring money online. They have also reiterated the importance of not sharing sensitive financial information with unverified individuals.
As the Telangana Police continue their investigation, Amar Sharma is expected to be questioned further to ascertain if he was working alone or as part of a larger fraud syndicate. The case serves as a sobering reminder that in the age of digital finance, skepticism is a necessary shield.