Stocks trading fraud: Mohali man loses ₹1.92 cr to cyber fraudsters

The victim, Pardeep Kumar Sharma, told police that he was added to a WhatsApp group named “S-6 Money Makers” on February 4, where a woman named Shivangi convinced him to invest in a stocks’ trading plan for high returns

A Mohali resident lost ₹1.92 crore to cyber fraudsters in a stocks’ trading scam.

The state cyber crime police have booked an unidentified accused under Sections 318(4) (cheating), 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita, besides relevant sections of the IT Act. (iStock)

The victim, Pardeep Kumar Sharma, told police that he was added to a WhatsApp group named “S-6 Money Makers” on February 4, where a woman named Shivangi convinced him to invest in a stocks’ trading plan for high returns. She claimed they were in the business of block trading of stocks and were starting their 18th round of investment plan, targeting returns of 8% to 50% on a daily basis.

The victim transferred multiple payments online, following Shivangi’s instructions, and even saw his profits swelling through a mobile application. However, when he tried to withdraw ₹50 lakh, Shivangi directed him to apply for an IPO, and later allotted him shares worth ₹2.13 crore, even when the victim had ₹1.2 crore in his account following which he was asked to invest ₹92 lakh more.

After Sharma invested more and still couldn’t withdraw his money, he realised the fraud and lodged a complaint with the police.

The state cyber crime police have booked an unidentified accused under Sections 318(4) (cheating), 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita, besides relevant sections of the IT Act.