HYDERABAD: A 69-year-old retired project director of the Defence Metallurgical Research Laboratory (DMRL) and the BrahMos Aerospace lost Rs 2.89 crore in an investment fraud.
According to his complaint, unidentified persons contacted him on WhatsApp in November 2025 and induced him to participate in a scheme called “collective purchasing of shares.”
The scheme was presented as a pooled investment arrangement in which funds from participants would be deployed in block deals, FPOs, pre-IPO opportunities and private equity investments, promising discounts ranging from 15% to 35%.
He was led to believe that the platform was associated with BR Jalan Securities, projected as a SEBI-approved entity, and that the persons interacting with him were authorised representatives of the group. Trusting their assurances, he invested Rs 2.8 crore through the IndiaBoltPlus app. The app later showed his entitlement as approximately Rs 40 crore.
When he attempted to withdraw Rs 60 lakh to repay personal loans, the accused allegedly obstructed the request. A few days later, when he again tried to withdraw funds, they refused to release any amount unless he deposited Rs 1.75 crore as “commission.”
Upon conducting independent verification, he discovered that the platform had no connection with BR Jalan Securities. He also found that the accused were operating under false identities.
After realising he had been cheated, he lodged a complaint with the Hyderabad City Police cybercrime wing.
Based on the complaint, police registered a case.