37-yr-old Noida man duped of ₹20 lakh in share mkt trading fraud

A 37-year-old man, resident of Sector 1 in Greater Noida, was allegedly duped of ₹20

A 37-year-old man, resident of Sector 1 in Greater Noida, was allegedly duped of ₹20.2 lakhin a share market trading fraud, police said, adding that a case has been registered at the Cybercrime Branch police station.

37-yr-old Noida man duped of ₹20 lakh in share mkt trading fraud

In his complaint to the police, the victim stated that on September 8, he was added to an unidentified WhatsApp group. “Later, I was added to another group, where I received messages related to share market investments. Every day at 7.30 pm, a man used to conduct classes on investment and inform group members about its benefits. Group participants also used to share screenshots of their profits every day,” he alleged in the FIR.

Police said that after a few days, he was provided with a form to open a demat account. After the form-filling procedure, they allegedly gave him a link to download an application for share market investment.

“Through their website, I transferred ₹20.2 lakh in 10 transactions between September 16 and October 6. But when I attempted to withdraw my profit, they asked me to transfer more money towards various charges, warning that otherwise, I would be put into the default list,” the FIR stated.

Police said that when the victim suspected he had fallen into a trap, he filed a complaint on the National Cyber Crime Reporting Portal (NCRP). A case of cheating and cheating by personation under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act was registered at the Cybercrime Branch police station, and further investigation is underway.

Meanwhile, a 72-year-old man was also duped of ₹27.54 lakh in a share market trading fraud in Sector 29, Noida.

Police said the victim was also asked to start investing through an application provided by the fraudsters. Later, when he attempted to withdraw his profits, he was directed to pay more money.

A case was registered at the Cybercrime Branch police station, and efforts are underway to recover the money, said Vijay Rana, station house officer of the Cybercrime Branch police station.