Man loses ₹24.6 lakh in fake stock trading scam in Panchkula

Complainant reported on March 20 that fraudsters contacted him via WhatsApp and lured him into fake stock trading and investment schemes with promises of high and consistent returns

A Sector 11 resident has been duped of ₹24.60 lakh in a fake stock trading and investment scam, prompting the cybercrime police to register a case.

On verifying with the actual company, victim, Shiv Kumar Gupta, found no account existed in his name. (HT File)

Complainant Shiv Kumar Gupta reported on March 20 that fraudsters, posing as representatives of 5paisa Capital Limited, contacted him via WhatsApp and lured him into fake stock trading and investment schemes with promises of high and consistent returns. Trusting their claims and forged documents, Gupta transferred money in multiple transactions, including ₹70,100 as an initial deposit, ₹19.98 lakh for a purported IPO investment, and ₹4.7 lakh for block trading.

To gain his confidence, the accused allowed small withdrawals of ₹4,000 and ₹5,000, while a fake application displayed inflated profits exceeding ₹35 lakh. The app also falsely showed share allocations worth over ₹100 crore without his consent.

Suspicion arose when his request to withdraw ₹5 lakh was declined and further payments were demanded. On verifying with the actual company, Gupta found no account existed in his name, confirming the fraud. The accused also allegedly threatened to misuse his personal data when he refused to pay more.

Cybercrime police have registered an FIR under Sections 318(4)(cheating), 336(3)(forgery-document & electronic record), 338(forgery of documents), 340(forgery in terms of electronic record) and 61(criminal conspiracy) of the Bharatiya Nyaya Sanhita(BNS) and initiated further investigation into the case.