Retired UP Mandi Parishad Employee Duped of Rs 92.5 Lakh in Cyber Fraud

A retired employee of the Uttar Pradesh Mandi Parishad has allegedly been duped of Rs 92.5 lakh by cyber fraudsters who lured him with promises of high returns from stock market investments, according to police reports.

Victim's Details

The victim, Dinesh Kumar Sharma, a resident of Kamta, reported that after his retirement as a computer operator, he was added to a WhatsApp group named “Balbir Mentor.” The group was allegedly operated by a woman identifying herself as Sakshi Sharma, who claimed to be an investment expert based in Kolkata.

Fraudulent Investment Scheme

Sharma alleged that he was persuaded to invest through a mobile application, with assurances of returns up to 100%. Initially, he transferred Rs 18.5 lakh but was later informed that his account required corrections, prompting further payments. Over multiple transactions—Rs 29 lakh, Rs 20 lakh, and Rs 13 lakh—he was made to deposit funds on various pretexts, including account verification and activation of a “SEBI-linked” account.

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Police Investigation

Police stated that despite repeated payments, the victim neither received returns nor a refund. When he pressed for repayment, the accused allegedly stopped responding and switched off their phones. In his complaint to Chinhat police, Sharma said he exhausted his savings, pension funds, and even borrowed from relatives. An FIR has been registered against four accused, including Sakshi Sharma and an individual identified as Balbir.

Inspector Dinesh Chandra Mishra said the financial trail is being examined and bank records have been sought. The probe has been entrusted to SI Manoj Kumar Rao. Police suspect a larger cyber fraud network that exploits investors through social media platforms and fake trading apps.