Cyber Fraudsters Loot ₹30-50 Crore Through Fake ‘QVSE’ Trading App in Andhra Pradesh

Cybercriminals have duped hundreds of residents across Alluri Sitharama Raju (ASR), Anakapalli, and Kakinada districts through a fraudulent investment application called "QVSE." Operating like a classic Ponzi scheme, the fraudsters targeted tribal, rural, and semi-urban communities by promising unusually high and guaranteed profits within short periods on small to medium investments.

Victims were convinced to deposit between ₹50,000 and ₹3 lakh, which the app falsely showed as converted into digital "dollars." To simulate genuine financial activity, the fraudsters created private chat groups on the "BonChat" messaging platform, where they shared specific trading codes twice daily-at 6:00 PM and 8:30 PM. Users were instructed to enter these signals into the app to log dummy profits, while actual withdrawals were routed through the Binance cryptocurrency exchange to mask the destination of the stolen funds.

Police estimate that the gang swindled between ₹30 crore and ₹50 crore before users found their accounts frozen and withdrawals blocked. The ASR district police have issued an urgent advisory asking the public to stay away from unverified online trading schemes. Authorities have asked victims to report incidents immediately at their nearest police stations or call the national cybercrime helpline at 1930, while screenshots of the scam's chat groups and app screens are being circulated widely to prevent further exploitation.