Noida man loses ₹75 lakh in stock trading fraud

The victim, a retired engineer from the telecom department, resides with his family in a high-rise in Sector 104

Noida: A 71-year-old man was allegedly duped of ₹75 lakh in Noida’s Sector 104 on the pretext of stock trading from February 25 to March 18, said police on Sunday, adding that a case was registered at the Cybercrime Branch police station.

From February 25 to March 3, the victim went on to transfer around ₹75 lakh. But when his trading account was blocked due to constant pressure to invest more or face legal action, the victim realised that it was a trap. (Representational image)

The victim, a retired engineer from the telecom department, resides with his family in a high-rise in Sector 104.

In his complaint, the man alleged that he was contacted by an unidentified suspect through a WhatsApp message on February 25 to join a trading platform group. “I was informed that the group participates in Indian stock markets (NSE) as well as the US NASDAQ under Foreign Institutional Investor (FII) arrangements and offers assured profits through technical trading and IPO investment,” reads the FIR.

Later, the elderly man was added to the group where he used to receive stock market tips, said police, adding that later on after investing through an app provided by the suspects, when the victim observed profit and successfully withdrew ₹8,000, he developed trust in the platform.

“From February 25 to March 3, the victim went on to transfer around ₹75 lakh. But when his trading account was blocked due to constant pressure to invest more or face legal action, the victim realised that it was a trap,” said Vijay Rana, station house officer, Cybercrime Branch, adding that subsequently, the victim approached police and filed a complaint.

Police said a case under sections 318(4) (cheating by personation) and 316(2) (cheating by personation) of BNS was registered at the Cybercrime Branch police station and further investigation is underway.