NAVI MUMBAI: A 68-year-old retired professional from Kuwait residing in Nerul was duped of more than ₹1.10 crore in an online stock trading fraud after being lured by fraudsters operating through WhatsApp last month. The victim voluntarily invested after being added to a WhatsApp group chat without consent. The Cyber Police registered a case on Monday against unknown persons.
According to the FIR, on January 10, after the victim was added to the group chat, he observed the discussions and responses shared by the other group members who supposedly earned substantial profits. He cross-verified the stock rates shared in the group with a prominent finance news channel and believed it was genuine.
The group name, falsely resembling a well-known stockbroking firm, provided daily updates on options trading and IPO investments. It was also allegedly described as a VIP investment forum. “The resemblance of the group name to a popular stockbroking firm was another factor that led to the victim falling for fraud. Once the victim showed interest, he was made to download an app and register his banking details,” a police officer said. On January 13, he expressed his interest in investing.
Between January 17 and February 22, the complainant invested based on trading tips he received in the WhatsApp group chat. The investment app he installed displayed a balance of ₹2,79,29,669.54 in his trading account, against his investment of ₹1,10,69,600. When he tried to withdraw his earnings on February 24, he was asked to deposit an additional ₹50 lakh to access his funds. Sensing something amiss, he used the publicly available contact details of the broking firm he thought he was dealing with to verify. On February 28, he was informed that there was no account in his name with the company, nor were the transactions made to the firm’s account, said the officer.
{{/usCountry}}Between January 17 and February 22, the complainant invested based on trading tips he received in the WhatsApp group chat. The investment app he installed displayed a balance of ₹2,79,29,669.54 in his trading account, against his investment of ₹1,10,69,600. When he tried to withdraw his earnings on February 24, he was asked to deposit an additional ₹50 lakh to access his funds. Sensing something amiss, he used the publicly available contact details of the broking firm he thought he was dealing with to verify. On February 28, he was informed that there was no account in his name with the company, nor were the transactions made to the firm’s account, said the officer.
{{/usCountry}}The Cyber Police registered a case under Sections 319(2) (cheating by personation), 318(4) (cheating), and 3(5) (joint liability) of the Bhartiya Nyaya Sanhita, 2023, along with Section 66(D) (cheating by personation using a computer) of the Information Technology Act, 2000, and investigation is going on to ascertain the identities of the frauds.
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