Kolkata Senior Loses Rs 2.5 Crore in Elaborate Fake Share Trading App Scam
In a distressing case of cyber fraud, a 79-year-old resident of Salt Lake Sector I in Kolkata has allegedly been duped of a staggering Rs 2.5 crore by sophisticated cyber criminals. The elaborate scam involved promises of high returns through a counterfeit share trading application that was actively promoted on the social media platform Facebook.
How the Sophisticated Scam Unfolded
The victim, whose identity has been protected, lodged a formal complaint with the Bidhannagar Cyber Crime Police Station, detailing a carefully orchestrated deception that began on December 19 of last year. According to the official complaint, the elderly man first encountered an investment-related advertisement on Facebook that appeared legitimate and promising.
The initial contact led him to download a mobile application through a link provided directly within the Facebook post. Shortly after installing the application, he began receiving WhatsApp messages from an unknown mobile number. The sender introduced herself as a "Relationship Manager" and quickly established communication with the victim.
The manipulation escalated when he was added to a WhatsApp VIP group that included two other administrators. Through a combination of group messages and personal chats, the fraudsters systematically persuaded the senior citizen to invest in what they described as "institutional trading" opportunities.
The Gradual Financial Drain
A senior officer from the Bidhannagar city police department explained the gradual nature of the financial exploitation: "Initially, he invested Rs 3 lakh and was shown what appeared to be instant profits on the platform, which successfully built his confidence. Encouraged by these displayed returns, he continued transferring more funds over an extended period. The total amount invested eventually reached the shocking figure of Rs 2.5 crore."
Investigators revealed that the application interface was deliberately designed to show inflated profits, creating the convincing illusion that the investments were yielding substantial and consistent gains. The sophisticated digital deception maintained the victim's trust throughout the extended period of financial transfers.
The Moment of Realization and Police Response
The scam unraveled when the elderly man attempted to withdraw his accumulated funds after seeing large profits reflected on the platform. The withdrawal option failed completely, and no money was credited back to his bank account despite repeated attempts.
Realizing he had been systematically cheated, the victim not only lodged a formal police complaint but also registered the incident on the National Cyber Crime Reporting Portal (NCCRP) to ensure proper documentation at the national level.
Police authorities have initiated a comprehensive investigation, focusing on tracking digital transaction trails and analyzing electronic evidence to identify the individuals behind this sophisticated fraud operation. Special attention is being given to tracing the bank accounts used to siphon off the substantial funds.
Broader Implications and Investigation Details
This case highlights several concerning trends in modern cyber crime:
- Social media exploitation: Fraudsters are increasingly using legitimate platforms like Facebook to promote fraudulent schemes
- Psychological manipulation: The use of relationship managers and VIP groups creates false trust and community
- Technical sophistication: Fake applications with convincing interfaces can deceive even cautious individuals
- Gradual financial extraction: Starting with smaller amounts builds confidence for larger transfers
The Bidhannagar Cyber Crime Police Station is coordinating with digital forensic experts and financial institutions to follow the money trail. The investigation aims not only to recover the stolen funds but also to identify and apprehend the organized group behind this sophisticated cyber fraud operation that specifically targets vulnerable senior citizens.
