A retired government employee from Ahmedabad has become the latest victim of sophisticated online investment fraud, losing a staggering sum of Rs 13.2 lakh. The 68-year-old resident of Sola was lured by promises of high returns through social media ads and fake trading applications, leading him to file a formal complaint with the cybercrime police.
How the Elaborate Online Scam Unfolded
The victim, who is familiar with legitimate trading platforms, first encountered a tempting advertisement on Facebook on April 16. The ad promoted lucrative share trading opportunities. Upon clicking, he was added to a WhatsApp group that falsely claimed associations with a well-known brokerage firm. Inside the group, individuals posing as expert market analysts initially guided him to execute small trades that generated profits, building a false sense of trust and credibility.
Once his confidence was secured, the fraudsters persuaded him to download a specific trading application named RPMTA for accessing even higher returns. This move proved disastrous, culminating in a significant financial loss of Rs 4.2 lakh. In a strikingly similar second incident just a week later on April 23, the man was ensnared by another group promoting a platform called SMC Ace. This fraudulent scheme led to an even larger loss of Rs 9 lakh.
Legal Action and Police Investigation
After realizing he had been cheated, the distressed senior citizen contacted the official cybercrime helpline on June 24. Following the helpline's guidance, he formally approached the police to report the crime. The authorities registered a First Information Report (FIR) six months after the initial complaint, invoking sections of the newly implemented Bhartiya Nyaya Sanhita alongside the Information Technology Act.
The case has been filed against unidentified persons for serious charges including cheating, criminal breach of trust, forgery, and criminal conspiracy. The Ahmedabad Cybercrime Police are now investigating the intricate network of social media ads, WhatsApp groups, and counterfeit applications used to execute this scam.
A Sobering Reminder for Digital Investors
This incident highlights the increasing sophistication of financial frauds targeting Indians online. Scammers are exploiting the popularity of stock market investing and using trusted platforms like Facebook and WhatsApp as gateways. They employ psychological tactics, such as showing small initial profits, to lower the guard of even experienced individuals.
The key takeaways for the public are:
- Be extremely wary of unsolicited investment offers on social media or messaging apps.
- Verify the authenticity of any trading platform or brokerage through official regulatory websites like SEBI.
- Never download apps from links provided in unverified WhatsApp groups or ads.
- Remember that promises of guaranteed high returns with low risk are classic red flags for investment scams.
The Ahmedabad police urge citizens to immediately report any suspicious financial activity to the national cybercrime helpline number 1930 or through the official online portal.
