Software employee saw ₹1.44 crore in his account, lost ₹22.8 lakh; two held in Andhra’s Nandyal
A software employee in India lost over ₹22 lakh after being lured into a fraudulent stock market investment scheme via social media. Police have arrested two suspects involved in the operation, which used fake account balances to deceive victims.
Why it matters
It underscores the rising threat of sophisticated cyber-enabled financial fraud targeting retail investors through social media platforms.
Dannada Mallikarjuna, a software employee from Kanala village in Sanjamala mandal, put ₹22.8 lakh into a stock-market group he found through an advertisement on social media . His account showed a balance of ₹1,44,83,796. When he asked for the money, he was told to pay ₹25 lakh in taxes first.
That was the moment he knew. He called the National Cyber Crime Helpline (1930) , then lodged a complaint at the Sanjamala police station, and a case was registered in January 2025. On Thursday (September 17, 2026), the Koilkuntla police arrested two men in his case and in a second one, and recovered ₹25 lakh in cash, four mobile phones and a laptop.
Superintendent of Police Suneel Sheoran, announcing the arrests before the media, said the accused were Kolusu Srikanth of Vizianagaram town and Sanapala Sai Prakash Naidu of Vijayawada .
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