A 41-year-old technology professional employed at Citibank in Pune has been defrauded of more than ₹1.5 crore in a meticulously orchestrated online stock market investment scam. According to police reports, the sophisticated operation involved fraudsters posing as investment advisors who convinced the victim to install a counterfeit application.
Case Registered by Telangana Cyber Security Bureau
Based on a formal complaint filed by the victim, the Telangana Cyber Security Bureau (TGCSB) officially registered a case on Thursday. The investigation is now underway to trace the perpetrators behind this elaborate financial deception.
How the Elaborate Scam Unfolded
The victim, originally from Madhira in Khammam district, was introduced to what he believed was a high-return equities platform through his sister. This initial contact occurred in November last year when his sister clicked on a stock market investment advertisement on Instagram.
She was subsequently added to two WhatsApp groups: 'Z926 one-to-one Service' and 'L Accel Partners Stock Exchange Group'. In these groups, fraudsters made extravagant promises of profits reaching up to 500%, creating an illusion of extraordinary investment opportunities.
The Deceptive Application Installation
One of the fraudsters, operating under the pseudonym Deeksha Bhandari, persuaded the victim's sister to download an application called 'ACEFD'. After she transferred approximately ₹60,000 to various bank accounts provided by the scammers, she shared her brother's contact information with them.
The fraudsters then provided a link to the victim, who installed the 'AcceSec' application on his mobile device. Posing as professional relationship managers, the scammers supplied multiple bank accounts and guided the family through each financial transfer while displaying fabricated balances within the application interface.
Systematic Financial Drainage
Between November 19 and January 14, the victim and his sister transferred funds from six different bank accounts to nine recipient accounts across various financial institutions. The fraudsters maintained the illusion of legitimacy by crediting ₹1.3 lakh to the victim's bank account on December 9, reinforcing his trust in the scheme.
By January 12, the victim's on-screen balance within the fake application had swelled to an astonishing ₹36 crore. When he attempted to withdraw his supposed earnings, the fraudsters imposed a series of escalating demands:
- A service charge of ₹36 lakh
- An income-tax deposit of ₹20 lakh
The Final Betrayal and Police Intervention
After paying these fraudulent 'taxes' and transferring a total exceeding ₹1.56 crore, the scammers abruptly ceased all communication. This complete breakdown in contact prompted the victim to approach the TGCSB police on Thursday evening, finally revealing the extensive nature of the deception.
Legal Framework Invoked
Police have registered the case under multiple sections of the Bharatiya Nyaya Sanhita (BNS) and Information Technology Act (ITA), including:
- Section 61(2) - Criminal conspiracy punishment
- Section 318(4) - Cheating
- Section 319(2) - Cheating by personation
- Section 338 - Forgery of valuable security, will, etc
- Section 340(2) - Using as genuine a forged document or electronic record
- Sections 66C and 66D of the IT Act
This comprehensive legal approach reflects the seriousness of the cybercrime and the multiple layers of deception employed by the fraudsters.
