A 59-year-old retired employee of GAIL India in Bhopal has fallen victim to a cyber fraud, losing over Rs 28 lakh after being lured into investing in fake Initial Public Offerings (IPOs) through online trading platforms. The fraudsters promised high returns and used a WhatsApp group to trap the victim.
How the Scam Unfolded
According to police, the complainant, a resident of Sneha Nagar in Misrod, was added to a WhatsApp group on April 28. The group appeared to have several members who claimed to be earning substantial profits through IPO investments. During interactions, a woman in the group convinced the complainant to invest through online platforms, assuring him of high returns.
The fraudsters created investment accounts for the victim and displayed inflated profits to gain his trust. Over time, the complainant invested Rs 15.05 lakh in one IPO, Rs 9.15 lakh in another, Rs 1.36 lakh in a third, and Rs 2.58 lakh in a fourth IPO through different platforms.
Fake Profits and Demands for Payment
The online accounts later showed purported returns of over Rs 67 lakh. However, when the complainant attempted to withdraw the money, the fraudsters demanded an additional 20% of the profit amount as a processing charge. Suspecting fraud, the complainant refused to make further payments and realized he had been cheated.
Legal Action Taken
The victim lodged a complaint on the National Cyber Crime Reporting Portal (NCRP), following which an e-Zero FIR was registered at the Cyber Crime and High-Tech Crime police station. Misrod police registered a case on Thursday after receiving the FIR. Police are investigating the matter.
Authorities urge citizens to be cautious of unsolicited investment offers on social media and to verify the authenticity of any trading platform before investing.
