Man loses ₹55.62 lakh in share trading fraud in Noida

Police said the victim, urging anonymity, in his complaint filed on Tuesday stated that he came in contact with the fraudsters on social media

Noida: A 63-year-old a retired government official in Noida Sector 76 was allegedly cheated of ₹55.62 lakh by cyber criminals by luring him to make high returns with stock market investments, police said on Wednesday.

“Despite transferring ₹55.62 lakh in multiple payments, his fake trading account was blocked. It was only then when he realised to have been duped,” said SHO (cybercrime branch police station) Ranjeet Singh. (Representational image)

The alleged fraud took place between July 7 to August 12, and a case was lodged on Tuesday.

Police said the victim, urging anonymity, in his complaint filed on Tuesday stated that he came in contact with the fraudsters on social media.

“After a brief conversation, he was added to a WhatsApp group where he received daily stock recommendations. He was persuaded to invest in IPOs, block deals, mutual funds, among others, said a police officer.

“I deposited funds from July 7, 2025, to August 12. I kept on applying in different IPOs, block deals, and mutual funds, and my funds continued to grow in my trading accounts. Once, I applied for an IPO and was arbitrarily allotted a large number of shares and was demanded to pay for the IPO,” read the FIR.

Police said his account was allegedly blocked after he could not transfer more money. “Despite transferring ₹55.62 lakh in multiple payments, his fake trading account was blocked. It was only then when he realised to have been duped,” said SHO (cybercrime branch police station) Ranjeet Singh.

A case under the BNS sections of 318(4) (cheating) and 319(2) (cheating by personation) has been registered at the Cybercrime Branch police station. Efforts are on to recover the money and trace the accused, said officials.