Gurugram: 74-yr-old cheated of ₹1.75 cr in cyber fraud

A 74-year-old was defrauded of ₹1.75 crore in an investment scam by cybercriminals posing as stock market experts via social media.

A 74-year-old retired central government employee was allegedly defrauded of ₹1.75 crore by unidentified cybercriminals through an investment scam, police said on Tuesday. The victim, who resides in a condominium in Sector 37C, was lured via a social media platform in September last year and was duped over several months.

Efforts to recover the funds have been challenging as the suspects emptied the accounts and transferred the money to multiple others more than a month ago, police said. (File Photo)

According to police, the victim received a message on a messaging app offering investment opportunities in the stock market, particularly in Initial Public Offerings (IPOs), with promises of hefty returns. He was then added to a social media group where individuals posing as share market experts provided investment tips.

The suspects directed him to transfer money to specific bank accounts and download a phishing app that displayed fake investment updates and profit margins to mislead him, investigators said. Believing his investments were growing, the victim continued transferring funds until December 13. When he tried to withdraw his money, the suspects demanded additional payments as taxes and service charges before disappearing.

Sandeep Kumar, SHO of the Cybercrime police station (west), said, “The victim approached us on Sunday after realising he had been duped. He submitted a complaint, based on which an FIR was registered under sections 318(4) and 319 of the Bharatiya Nyaya Sanhita.”

The victim reportedly lost his life savings and did not inform his family out of fear. Efforts to recover the funds have been challenging as the suspects emptied the accounts and transferred the money to multiple others more than a month ago, police said.