Noida resident loses ₹2.89 crore in share market fraud

After a conversation about his health and paternal home, the woman shared her photographs and later she shared information about trading with him

Noida: An 87-year-old retired professor was allegedly duped of ₹2.89 crore after a woman befriended him by sharing her pictures and lured him to invest in the share market from April to June 2025 in Sector 36, Noida, police said on Thursday.

“I was asked not to share information about the investment with anyone, including family members, as it may increase the chance of a data leak,” the FIR cited the victim as saying. (Representational image)

Police said the victim, hailing from Rajasthan, in his complaint said, “On April 1, I came in contact with a woman through a social media platform who introduced herself as the manager of a Kolkata-based wealth management company.”

The FIR read, “After a conversation about my health and paternal home, the woman shared her photographs. Later, she shared information about trading.”

Later, another man introduced the victim to share market and advised him to invest to earn a 15 to 30 percent profit. “I was asked not to share information about the investment with anyone, including family members, as it may increase the chance of a data leak,” the FIR added.

Cyber Crime Branch Station House Officer (SHO), Ranjeet Singh said that from April 4, 2025, the victim transferred ₹5 lakh via Real Time Gross Settlement (RTGS) to the bank accounts provided by the suspects. “Since then, the victim has transferred ₹2.89 crore to multiple bank accounts in 21 transactions till June 6,” added Singh.

On demanding his share from the profit, the suspects in return demanded money for taxes, the SHO added. “He was also threatened and mentally harassed for questioning them about his hard-earned money.”

In a last resort, he finally approached the police and a case was registered under sections 318(2) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita and the IT Act at the Cybercrime Branch police station. Efforts are underway to recover his money, police added.