Noida: Ex railway officer duped of ₹33 lakh in share market fraud

Subsequently, the victim was informed about an exclusive investment club, with an offer to provide pre-open hour trades to allegedly manipulate the stock market for profit.

A 64-year-old man was allegedly duped of ₹33 lakh in a share market trading fraud in Greater Noida’s sector 16B, police said on Friday. A case has been registered at the Cybercrime Branch police station.

In his complaint, the victim stated, “On October 28, I received an invite on WhatsApp to join a group which provided investment information.”

Police said the victim, who did not wish to be identified, is a retired railway officer from telecom department.

In his complaint, the victim stated, “On October 28, I received an invite on WhatsApp to join a group which provided investment information.”

“I joined the group with approximately 200 members. The suspect identified himself as an expert of the Indian and United States stock markets and regularly shared market analysis, charts, and trading strategies. Initially, certain recommendations appeared to yield profits, gradually building trust and confidence,” read the FIR.

Subsequently, the victim was informed about an exclusive investment club, with an offer to provide pre-open hour trades to allegedly manipulate the stock market for profit. “On November 30, the victim was added to another group of 45 members.He created an account through an application provided by the suspect,” said Vijay Rana, station house officer, Cybercrime Branch police station.

The SHO added that the victim transferred ₹33 lakh in multiple transactions between November last week to December 12. However, the transactions were denied upon trying to withdraw the money.

“Realising that he had fallen into a trap, the victim filed a complaint at the National Cybercrime Reporting Portal (NCRP). A case of cheating and cheating by personation under the BNS and IT Act has been registered,” said the SHO, adding that further investigation is underway.