A resident of Sector 37 in Chandigarh has been allegedly cheated out of Rs 55 lakh in a sophisticated stock investment scam that was operated through a WhatsApp group, according to police officials.
Details of the Fraud
The victim, whose identity has not been disclosed, was lured by a member of a WhatsApp group that promised high returns on stock investments. Believing the scheme to be legitimate, he invested a total of Rs 54.63 lakh through a fake mobile application designed to mimic a genuine trading platform.
The app, which appeared authentic, showed initial profits to build trust. However, when the victim attempted to withdraw his funds, he was informed that he needed to pay an additional Rs 11.3 lakh as processing charges. Suspecting foul play, he refused to make the payment and subsequently realized he had fallen victim to a scam.
Police Action
Following the discovery, the victim filed a formal complaint with the Chandigarh Police. A case has been registered under relevant sections of the Indian Penal Code and the Information Technology Act. Police have launched an investigation to trace the perpetrators and recover the lost money.
Authorities have urged citizens to exercise caution when approached with investment opportunities on social media platforms like WhatsApp. They advise verifying the authenticity of any trading app or scheme before transferring money.
Rising Trend of Online Scams
This incident highlights the growing menace of cyber fraud in Chandigarh, where scammers are increasingly using messaging apps to target unsuspecting individuals. Police have recorded a surge in such cases and are working to spread awareness about safe online practices.
Residents are encouraged to report any suspicious activity immediately and to refrain from sharing personal or financial information with unknown individuals online.
