Massive Cyber Fraud in the Name of Stock Market Investments in Nandyala

Police have arrested two cybercriminals allegedly involved in stock market investment fraud and stealing money from bank accounts through APK files. Kolusu Srikanth from Dharmapuri in Vizianagaram district and Sanapala Sai Prakash Naidu from Vijayawada were arrested near Kovelakuntla. Police seized Rs 25 lakh in cash, four mobile phones and a laptop from them. Nandyala SP Sunil Shoran disclosed the details on Thursday. The accused allegedly befriended software employee Mallikarjun from Kanala village in Sanjamala mandal through Instagram in December 2024 and lured him with promises of high returns from stock market investments. He was allegedly made to invest Rs 22.80 lakh. Later, a fake app showed Rs 1.44 crore as profits in his account, following which the accused demanded another Rs 25 lakh in the name of taxes and charges.

In another case, the accused allegedly targeted the SBI account of Charan Raj, an auto driver from Revanuru, which had Rs 5.24 lakh. Police said an APK file was sent to his mobile phone and, after he opened it, the entire amount in the account was allegedly stolen within moments. Following complaints in both cases, police intensified the investigation and monitored the accused. Their location was traced near Kovelakuntla, leading to their arrest and the seizure of cash and electronic devices.