In a distressing case of cyber fraud, two senior citizens residing in Delhi's Vasant Kunj area have been allegedly cheated of a staggering sum exceeding Rs 1.5 crore. The elaborate scam, which began in October last year, saw fraudsters posing as representatives of a reputed financial institution to lure the victims with promises of unusually high returns on their investments.
The Elaborate Web of Deception
The two elderly residents, aged 70 and 65 and who are also relatives, were first approached by the scammers through social media. The cheats claimed affiliation with a well-known financial group. The primary point of contact was a woman who identified herself as Kiara Sharma, presenting herself as an investment adviser.
Sharma added the complainants to multiple WhatsApp groups, including one with 177 members, and engaged them in one-on-one conversations. She then directed them to register on a company website via an online form, after which a mobile application was shared. The app displayed projected profits and exaggerated investment values, painting a picture of incredible financial growth.
How the Fraudsters Built Trust
To establish credibility, the gang employed several tactics. They shared forged documents, fake application forms, and links to fraudulent websites. The investment app, which was entirely controlled by them, showed fictitious profits, making the scheme appear legitimate. By early November 2023, the seniors began transferring money, convinced by the fabricated evidence.
The app reportedly reflected a holding value of over Rs 5 crore, further cementing the illusion. The victims proceeded to transfer approximately Rs 1,54,90,000 in multiple tranches to various bank accounts held in the names of different firms. Police confirmed the money was moved through several NEFT and RTGS transactions to accounts controlled by the fraudsters.
In a clever move to maintain trust, the scammers periodically credited small amounts back into the complainants' accounts. These were described as "profits" or partial refunds, which the victims were encouraged to reinvest. The duo was repeatedly assured of substantial returns through stock market and over-the-counter trading.
The Unraveling and Police Action
The victims' suspicions were finally aroused when their persistent requests to liquidate their holdings and exit the group were met with evasion. After stopping further transactions, they began searching online about the group. Their investigation led them to media reports linking the operators to a major cyber fraud case in Noida involving the siphoning of Rs 12 crore.
Following this discovery, the duo lodged a detailed complaint on the National Cyber Crime Reporting Portal. Based on their complaint, a formal case has been registered by the police. As of now, no arrests have been made, and the investigation is ongoing to trace the individuals behind this sophisticated financial scam targeting the elderly.
