The Hyderabad cybercrime police arrested two individuals from AV Solutions, dismantling a large-scale, organised financial fraud operation. Ponzi scheme tactics and advanced AI-powered investment platforms were used for a criminal operation.
Fake Monthly Returns
Based on a deceptive stock market prediction software, they lured more than 3,000 investors with fake promises of steady monthly returns. The investors spanned across multiple states.
Police Arrest CyberCriminals
Police arrested Gaddam Venugopal, director, AV Solutions and Srinivas Analytical Pvt. Ltd. Native of Prakasam District, Andhra Pradesh and Shreyas Paul, working with AV Solutions native of Ballari, Karnataka State. The accused persons were arrested in Hyderabad on August 19, according to The Hans India, police seized two top-end cars, 11 laptops, 3 mobiles, backend trading access, 3,164 customer database, 14 cheque books, 30 promissory notes (Rs 3.37 cr), property papers, company seals, Flats at Manikonda & Happy Homes, and benami transactions.
Who Was Involved In This Scheme?
Across multiple cities, the company was working with more than 20 consultants and agents, technical developers and website administrators, according to the police. A Muthyam Reddy, DCP Crime, said that a total of 3,164 victims, including 2,388 (AV solutions) and 776 (IIT Capital), across multiple states, with total collections of Rs 850.59 Crores, and a fraudulent retention were Rs 232.36 Crores between 2022–2025, with a 2-year dormancy. The primary companies include IIT Capital Technologies with a fake registered address, Madhapur, AV Solutions – operated from Sri Nidhi Nest, Kondapur, Srinivas Analytics Pvt. Ltd. and Trade Bulls Technology Pvt. Ltd.
Which Were The Fraudulent Websites?
The fraudulent websites were - www.iitstockmarket.com, www.myshareprofit.com, www.avgroups.org, www.fehufin.com, www.tradeonnumbers.com, www.smalgo.com, www.srimaata.com and www.maheshwaraadvisoryservices.com. The company works under false credibility by projecting fake NISM/NSE/BSE certifications and organises investment seminars in Andhra Pradesh and Telangana, according to the DCP.
Who Was The Target Of The CyberCriminals?
They targeted middle-class families, retired individuals, and working professionals, operated a referral-based recruitment system and used psychological profiling of victims to exploit vulnerabilities.
