Hyderabad: A massive financial fraud has been unearthed in Hyderabad, where a fake investment firm reportedly duped over 1,500 individuals to the tune of Rs 150 crore under the pretext of stock market investments.
According to Jeedimetla police, the accused operated under the banner of The Penguin Securities, based in Chintal’s Ganesh Nagar. Claiming to offer lucrative returns through stock market investments, the suspects allegedly collected amounts ranging from Rs 1 lakh to Rs 1 crore from unsuspecting investors. Over time, they amassed more than Rs 150 crore.
Victims, who were issued bonds as proof of investment, later discovered that the company was bogus. On Friday, several affected investors approached the Jeedimetla Police Station and lodged formal complaints. A case has been registered, and a detailed investigation is underway.
In a separate development, the SOT (Special Operations Team) police under Cyberabad Commissionerate seized narcotics worth approximately Rs 3 crore near Shadnagar. Acting on a tip-off, officials raided a roadside eatery where the accused were reportedly selling drugs.
During the operation, police recovered 1.5 kilograms of heroin, in addition to quantities of marijuana and opium. The main accused, identified as Vikas Sohu — a domestic worker — is alleged to have sourced the drugs from Rajasthan and sold them selectively to customers at the dhaba. Authorities have intensified efforts to crack down on both financial fraud and drug trafficking networks in the city.