Noida resident loses ₹94.76 lakh in stock trading fraud

A 58-year-old Noida man was duped of ₹94.76 lakh in a stock market scam after being lured by fraudsters via social media. Police are investigating.

Noida: A 58-year-old man in Noida was duped to the tune of ₹94.76 lakh on the pretext of investing in stock market during multiple transactions made between January and March this year, said officers, adding that a case of fraud was registered at the cybercrime branch police station on Saturday.

Noida resident loses ₹94.76 lakh in stock trading fraud

In his police complaint, Sunil Khandekar, 58, a resident of Noida’s Sector 44, alleged that he came in contact with fraudsters in January through a social media application. The suspects gave him some stock market advice and lured him into a trap, assuring that he could make a profit of 5 to 20 percent of his invested amount.

The man stated that he began attending web conferences of the suspect, who had knowledge of the share market, said Vijay Gautam, station house officer, cybercrime branch, citing the complaint.

“Initially, he started with a small amount to check how this works…Later, when he tried to withdraw the amount, he was asked to pay ₹1.25 lakh as their fees as well as ₹2.5 lakh as income tax on profit he earned,” the officer said, adding that despite paying all these charges, the victim was asked to pay ₹5 lakh more as “share market education fees” received via web conferences.

After suspicion, when Khandekar tried to withdraw the amount on the pretext of his father’s illness, he was declined to do so and received a message mentioning the “speedy recovery” of his father.

“A case under Section 420 (cheating) of the Indian Penal Code and IT Act was registered at the Cybercrime Branch police station on Saturday and further investigation is underway,” the SHO added.