Noida man duped of ₹1 cr in stock trading scam

The man was contacted via WhatsApp on April 23, 2024, claiming that he could earn high returns by trading in the Indian stock market

NOIDA: A 61-year-old man in Sector 77, Noida was allegedly duped of ₹1 crore by a group of cybercriminals operating under the guise of a fake stock trading company allegedly claiming to be affiliated with a US-headquartered global investment giant, police said on Friday.

. The fraudsters used multiple bank accounts, both in private and public sector banks, to receive transfers between June 3 and June 28, 2024 and duped him. (Representational image)

According to the FIR lodged on Friday at the Cyber Crime police station in Sector 36, Seetal Kumar, a resident of Elite Homz, Noida, was contacted via WhatsApp on April 23, 2024, claiming that he could earn high returns by trading in the Indian stock market.

“The complainant was lured by individuals posing as representatives of a fake stock trading platform allegedly linked to a reputed global firm. We are coordinating with banks and cyber forensic teams to trace the money trail and identify the perpetrators,” said deputy commissioner of police (cybercrime) Preeti Yadav.

The victim joined a WhatsApp group and was trapped to earn high returns after getting a special membership with a minimum investment of ₹1 crore. The fraudsters used multiple bank accounts, both in private and public sector banks, to receive transfers between June 3 and June 28, 2024.

On July 9, 2024, when Kumar tried to withdraw his funds, the group demanded more money. Sensing something was amiss, he visited their Mumbai office address and realised he was scammed, officers said.

Gautam Budh Nagar police said that based on his complaint, a case has been registered BNS sections for cheating, and cheating by personation, and Section 66D of the IT Act, 2008, against suspects name Alyssa, Priyanka Singh, Sanjay Sharma, and Ada. The suspect bank accounts and digital trails are also being reviewed to trace the culprits and recover the money, police said.