Panchkula realtor loses ₹28 lakh to stock fraud

Amanpreet Singh, 35, a resident of Sector 4, Panchkula, told police that he received a weblink on his mobile phone at 11.15 am on May 8 to join a WhatsApp group for share market discussions

In yet another case of online stock fraud, a Panchkula-based property dealer lost ₹28 lakh to cyber criminals.

The victim was told that he will be able to withdraw the money earned as profit only after depositing commission. It was then that he realised he had been scammed. (Stock photo)

In his complaint, Amanpreet Singh, 35, a resident of Sector 4, Panchkula, said on May 8, he received a weblink on his mobile phone at 11.15 am to join a WhatsApp group for share market discussions. The group administrator sent him a weblink to download a mobile app with instructions that he should trade in shares by using that application. He then started trading in shares through two mobile apps, investing ₹28.21 lakh in all.

Eventually, he was told that his share profit had increased by more than 200% and asked to deposit commission in a bank account whose details were shared with him.

He was told that he will be able to withdraw the money earned as profit only after depositing the commission. Realising it was a scam, he approached the police, who have registered a case under Sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code at the Cyber crime police station in Sector 12.