Hyderabad Police Probe Fake Investment Apps After Victims Allege Losses Exceeding ₹48 Lakh
A fresh legal and regulatory debate has emerged after the Hyderabad Cyber Crime Police named Preeti Lobana, Head of Google India, as a co-accused in three cyber fraud cases linked to alleged fake stock market investment applications.
The complaints involve victims who claim they trusted the applications because they were available through the Google Play Store. Google, however, has stated that its internal review found only one of the apps mentioned in the complaints had actually been listed on the Play Store and that the application complied with the platform's financial services policies.
The case also highlights the growing importance of financial due diligence, digital verification, and auditing services in india in strengthening fraud prevention and improving governance across digital financial ecosystems.
Three Complaints, Similar Investment Scam Pattern
According to investigators, three separate victims collectively reported losses exceeding ₹48 lakh after investing through allegedly fraudulent trading applications.
First Complaint
A 69-year-old man alleged that he came across a social media advertisement promising returns of ₹22 lakh per week.
After registering his mobile number on the linked website, he was allegedly contacted through a messaging application and encouraged to invest using a trading platform whose application was reportedly available on the Google Play Store.
He claims substantial investments were made before the platform refused to allow withdrawal of his funds.
Second Complaint
Another complainant reportedly transferred over ₹17 lakh, including money borrowed through personal loans.
According to the complaint, the application displayed apparent profits of ₹41.7 lakh but repeatedly demanded additional payments before permitting withdrawals.
Third Complaint
A 71-year-old retired government employee from Erragadda alleged that individuals posing as investment advisers contacted him through WhatsApp and persuaded him to invest through a fraudulent trading application.
Police said he reported losses of approximately ₹7.42 lakh.
Why Google India's Head Was Named
According to a senior Hyderabad Cyber Crime official quoted by PTI, Preeti Lobana was named as a co-accused based on allegations made by the complainants rather than any finding of direct involvement in the alleged fraud.
Officials said the complaints primarily question Google's application review and content moderation mechanisms, arguing that the presence of investment applications on an official marketplace increased users' confidence in their legitimacy.
Police are preparing to issue a formal notice seeking information regarding the applications mentioned in the complaints.
Investigators are also verifying:
- Which applications were actually hosted on the Play Store.
- Their developers.
- Their review history.
- Whether any fraudulent content existed.
Google Says Only One App Was on Play Store
In response to the investigation, Google said it immediately initiated an internal review after becoming aware of the complaints.
According to the company:
- Only one of the applications mentioned across all three complaints was found to have been listed on Google Play.
- That application complied with the Play Store's financial services policy.
- Google reviews all valid legal requests received through due process.
- Applications may be restricted or removed where required under applicable law.
The company also indicated it would cooperate with authorities during the investigation.
Broader Debate on Platform Accountability
The development has sparked wider discussion regarding the responsibility of digital marketplaces in preventing fraudulent financial applications from reaching consumers.
Legal experts note that naming senior executives of technology companies during investigations is sometimes used as a procedural step to facilitate cooperation and information gathering. Such action does not, by itself, establish personal liability or wrongdoing at this stage of the investigation.
The case is expected to contribute to ongoing discussions around platform accountability, application verification, and consumer protection in India's digital economy.
Experts Advise Independent Verification
Cybercrime expert and former IPS officer Prof. Triveni Singh cautioned that the availability of an application on an official app store should not be treated as proof of authenticity.
He said cybercriminals increasingly develop sophisticated investment applications with professional designs and attractive return promises to exploit users' trust.
Before investing, he advised citizens to independently verify:
- Regulatory approvals.
- Company registration details.
- SEBI registration, where applicable.
- Overall business credibility.
Experts also recommend avoiding investment opportunities promising unrealistic or guaranteed returns.
Investigation Continues
The Hyderabad Cyber Crime Police are continuing to examine:
- Technical details of the applications.
- Developer information.
- Financial transaction trails.
- Digital evidence.
- Communication records linked to the alleged fraud network.
Officials said further action will depend on the findings of the ongoing investigation.