Ghaziabad Man Loses Rs 9 Lakh in Elaborate Online Share Trading Scam
In a distressing case of cyber fraud, a 48-year-old man from Ghaziabad was allegedly cheated of nearly Rs 9 lakh by sophisticated online criminals who lured him with promises of high returns through fake share trading operations. The victim, identified as Arvind Kumar Singh, a resident of Bharat City in Ghaziabad, reported the incident to local police, detailing how he fell prey to an organized scam while actively searching for employment.
How the Scam Unfolded: From Facebook Ad to WhatsApp Group
According to police reports, Singh's ordeal began when he encountered a Facebook advertisement that appeared to be linked to Axis Securities Limited. The advertisement featured a video presentation of a man introduced as market expert Naveen Kulkarni. Singh, hoping to improve his financial situation, conducted additional research by looking up Kulkarni's profile on LinkedIn. Impressed by what seemed like legitimate credentials, he decided to join an online group operated under Kulkarni's name.
Soon after joining, Singh was contacted on WhatsApp by a woman identifying herself as Suraksha, who claimed to be Kulkarni's personal assistant. He was subsequently added to a WhatsApp group named "AXIS Security" that contained approximately 150 members and several administrators using the names Suraksha and Naveen Kulkarni.
The Illusion of Legitimacy: Trading Tips and Fake Platform
Police investigation revealed that the WhatsApp group regularly shared stock market updates, trading tips, and links to what appeared to be a legitimate online trading platform. Singh was instructed to log in through these links to buy and sell shares, with all transactions and profits seemingly reflected in his account dashboard.
"Initially, I invested a small amount," Singh told authorities. "Other members appeared to be trading with large sums, which made the operation seem genuine and significantly increased my confidence."
The administrators frequently issued specific buy-and-sell instructions through phone calls and messages, systematically encouraging Singh to invest increasingly larger amounts. Over time, he transferred a total of Rs 8.7 lakh to multiple bank accounts, believing the funds were being used for legitimate share trading activities.
Escalation and Deception: VIP Group Promises and Sudden Reversal
The fraudsters further escalated their scheme by promoting a so-called "VIP group" exclusively for investors committing over Rs 50 lakh, promising higher returns and exclusive benefits. However, the entire operation unraveled when Singh attempted to withdraw Rs 8 lakh from his account.
His withdrawal request was abruptly cancelled, and his account balance suddenly showed a negative amount of Rs 13 lakh. When he questioned this alarming discrepancy, administrators claimed the additional trades had been executed "automatically by the system."
Singh alleged that he was then subjected to intense mental pressure to deposit more money and was threatened with penalties supposedly imposed by the Securities and Exchange Board of India. His attempts to contact other group administrators proved futile, leading him to suspect he had become victim to an organized criminal operation. According to his complaint, the WhatsApp group remains active despite his reporting of the incident.
Police Response and Legal Action
Additional Deputy Commissioner of Police (Cyber) Piyush Kumar Singh confirmed that authorities have registered a First Information Report under BNS Section 318(4) for cheating, along with relevant provisions of the Information Technology Act.
"Investigation teams have been formed to trace the accused individuals and follow the money trail," the Additional DCP stated, emphasizing the seriousness with which authorities are treating this case of financial cyber fraud.
This incident serves as a stark reminder of the sophisticated methods employed by cyber criminals who exploit social media platforms and messaging applications to target vulnerable individuals seeking financial opportunities. Police have advised citizens to exercise extreme caution when encountering investment opportunities online and to verify the legitimacy of financial platforms through official channels before transferring any funds.
