A young woman from Ghaziabad has become the latest victim of a sophisticated online trading scam, losing a staggering sum of Rs 18 lakh to fraudsters who lured her with promises of exceptionally high returns. The incident highlights the growing menace of cybercrime targeting individuals looking to invest in the stock market.
The Lure of Quick Profits and the Initial Trap
The victim, identified as Shruti Khandelwal, a 26-year-old resident of Vasundhara, was first approached in mid-October. She received offers for stock market tips on various online platforms, which led her to join a dedicated messaging group. After building her trust over time, the group administrators introduced a so-called "daily trading plan" that guaranteed returns between 5% to 10%.
Two individuals from the group, who identified themselves as Rajat Verma and Meena Bhatt, handled her account. The scheme initially seemed legitimate when Khandelwal earned small profits and even successfully withdrew Rs 1.5 lakh on November 14. This successful transaction was a critical part of the scam, designed to erase any lingering doubts.
The Deepening Fraud and Fake SEBI Credentials
Encouraged by the early success, the victim was persuaded to invest larger amounts, particularly in Initial Public Offerings (IPOs). Between November 10 and November 28, she made a total of 10 transactions, funneling money into accounts controlled by the fraudsters. However, when she later tried to withdraw her funds, her requests were blocked.
The accused concocted new reasons, asking her to deposit additional funds to "unlock" her withdrawals. To further legitimize their operation, they even showed her what appeared to be a valid Securities and Exchange Board of India (SEBI) registration certificate. It was only after her repeated withdrawal attempts failed that Khandelwal realized she had been cheated.
Police Action and Legal Framework
Upon realizing the extent of the fraud, Shruti Khandelwal approached the Ghaziabad police. The cybercrime unit has registered a First Information Report (FIR) in the case. Additional DCP (Cybercrime) Piyush Kumar Singh confirmed that the FIR includes charges under BNS Section 318(4) for cheating, along with relevant sections of the Information Technology Act.
This case serves as a stark warning for investors, especially those new to the markets. Cybercriminals are using increasingly convincing tactics, including fake regulatory documents, to exploit the desire for quick wealth. Authorities advise the public to only trade through SEBI-registered intermediaries and to thoroughly verify the credentials of any entity offering investment advice or trading platforms.
