A retired superintendent of the Central Goods and Services Tax (CGST) department has become the latest victim of a sophisticated cyber fraud, losing a substantial sum of Rs 9.70 lakh in a share trading scam that promised huge profits.
How the Elaborate Scam Targeted the Retired Officer
The 61-year-old victim, a resident of Kannamwar Nagar in Vikhroli (East), Mumbai, lives with his wife and two sons. Having retired from his post as Superintendent in July 2024, he was targeted by fraudsters posing as representatives of a known securities firm.
The incident began on November 25, when the man received a WhatsApp call from someone claiming to be from Ventura Securities. He was subsequently added to a WhatsApp group named 'Limited CLUB-60'. The group admins regularly shared information on shares to buy and sell, along with other trading advice, creating an illusion of legitimacy.
The Trap of the Fake Trading App
Following instructions from the group admin, the victim clicked on a provided link and downloaded a mobile application called 'VSLNHW'. The fraudsters strongly recommended using this app for trading activities. Trusting the setup, the retired officer began investing money through this platform.
Between December 13 and December 27, he conducted ten separate transactions, transferring a total of Rs 9.70 lakh via Real Time Gross Settlement (RTGS). The money was sent to different bank accounts provided by the scammers under the guise of making investments.
The Unraveling and Police Complaint
The scam came to light when the victim checked his virtual account on the app and discovered it showed a zero balance. Alarmed, he immediately contacted the group admin, identified as Siya Arora, to inquire about his funds.
Instead of providing clarity or returning the money, Arora insisted that the victim invest more money first. When the retired officer firmly demanded a refund of his initial investment, his request was outright rejected. Realizing he had been cheated, the victim discussed the situation with his son and subsequently approached the Vikhroli police station to file an official complaint.
The police have registered a case of cheating and are investigating the matter. This incident highlights a growing trend where cyber criminals specifically target individuals with promises of high returns on stock market investments through unauthorized and fake applications.
Key Takeaways for Online Safety
This case serves as a critical reminder for all citizens, especially those new to online investment platforms:
- Verify Authenticity: Never download trading apps from links sent via WhatsApp or other messaging platforms. Only use official app stores and verify the company's credentials independently.
- Beware of Unsolicited Advice: Be extremely cautious of unsolicited calls or messages offering financial advice and promising guaranteed high returns.
- Official Channels Only: Use only SEBI-registered and recognized platforms for any share market activities. Cross-check bank account details with official company websites before transferring funds.
- Report Immediately: If you suspect fraud, cease all communication with the suspects and report the incident to the cyber crime cell or local police without delay.
