Bengaluru techie loses ₹1.3 crore in online trading scam after joining a Telegram group: Report

The victim was reportedly lured by promises of high returns after attending online training sessions on stock market investments.

Updated on: Dec 29, 2024, 09:05:39 IST

By HT News Desk

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A Bengaluru man who is working as techie fell victim to an elaborate online stock market scam, losing over ₹1.4 crore to fraudsters who misused the name of an established brokerage platform, said a report in The Times of India. The victim was reportedly lured by promises of high returns after attending online training sessions on stock market investments.

The Bengaluru techie opened a Demat account through a link provided by the group.

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According to the report, the scam began when the victim was introduced to a Telegram group managed by a fraudster posing as a trading leader named Surendra Kumar Dubey. The group, which had about 60 members, appeared legitimate, with participants sharing screenshots of their supposed profits. Many of these members were later identified as imposters working for the fraudsters.

Following their advice, the techie opened a Demat account through a link provided by the group and made an initial investment of ₹10,000, which doubled within a week. Encouraged by the returns, he increased his investment, eventually amassing a profit of ₹1.4 crore.

To test the platform's credibility, he attempted to withdraw ₹85,036 and successfully received the amount. However, when he later tried to withdraw ₹20 lakh, his account was blocked. Shortly after, the fraudsters deleted the Telegram group and became untraceable.

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A case has been registered under the Information Technology Act and Bharatiya Nyaya Sanhita Section 318 (cheating). Police have launched an investigation to trace the perpetrators. Authorities have urged citizens to exercise caution while investing online and to verify the authenticity of platforms before committing funds.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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