A resident of Greater Noida has been defrauded of a staggering sum exceeding Rs 35 lakh in a sophisticated cyber crime that revolved around fake promises of lucrative returns from the stock market. The victim, a private sector employee, was systematically lured by criminals who misused the name of a reputable financial institution.
The Elaborate Setup: Gaining Trust Through WhatsApp
The incident began on September 20 last year when the complainant, who had a prior interest in the share market, was contacted on WhatsApp by a woman identifying herself as Navisa Sainyam. She later introduced him to another woman named Valayan Sumaiya. Both individuals claimed to be earning substantial profits regularly by investing in stocks, IPOs, and well-known companies. They asserted that many of their associates were also benefiting from their investment strategies.
After successfully building a rapport, the fraudsters persuaded the man to start investing. They added him to a WhatsApp group named "Chola Securities" and instructed him to download a mobile application that bore the same company's name. Within this group, the victim and other members received online "training" on various investment techniques, further solidifying the illusion of a legitimate operation.
The Trap Springs: Investments Vanish Behind Fake Profits
Encouraged by the initial setup, the man made his first investment of Rs 1 lakh. The fraudulent application displayed profits, which motivated him to inject more funds. Over time, he made approximately eight transactions, transferring a total of Rs 35.3 lakh through UPI and other digital payment modes to multiple bank accounts provided by the scammers.
The app eventually showed an astonishing profit figure of over Rs 1.5 crore, creating a false sense of massive success. However, the scheme unraveled when the victim attempted to withdraw his supposed earnings. The fraudsters immediately demanded additional payments under the guise of taxes and processing charges. When he refused, all communication ceased—the numbers were switched off, and the perpetrators vanished.
Aftermath and Police Investigation
Realizing he had been cheated, the victim filed a complaint on the National Cyber Crime Reporting Portal and subsequently approached the Cyber Crime Police Station in Noida. Preliminary police enquiries revealed that the siphoned money was transferred to bank accounts opened in the name of "Om Sai Enterprises" in Rajasthan.
In a crucial step, the victim also contacted the genuine Chola Securities company. Officials there confirmed that none of the individuals involved were associated with their firm and clarified that the company does not offer investment services through any such mobile application. The Noida police have initiated a detailed investigation and are working to freeze the suspicious bank accounts. They have also contacted the concerned bank officials.
This case serves as a stark reminder of the perils of unsolicited investment offers. Police have reiterated their advisory, urging the public to exercise extreme caution and conduct thorough due diligence before committing funds, especially when approached through social media platforms with promises of unusually high returns.
