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Noida trader duped of 35.20 lakh in online investment scam

Feb 04, 2025 06:44 PM IST

Police said that the victim actively traded in the stock market and was looking for ways to recover his losses when he came across an investment firm’s ad

A 40-year-old man lost 35.20 lakh after being duped by an alleged fraudulent investment firm he found on a social media platform, police said. The victim, identified as Ashfaq Ali, a resident of Sector 55, Noida, was lured into investing in a scam from December 12, 2024, to January 15, 2025. A case of cheating was registered at the Cybercrime Branch police station on Monday, officers added.

The accused allegedly displayed artificial profits through IPO subscriptions to encourage further investments. (Getty Images)
The accused allegedly displayed artificial profits through IPO subscriptions to encourage further investments. (Getty Images)

According to police, Ali, who actively trades in the stock market, was looking for ways to recover his losses when he came across an investment firm’s advertisement on a social media platform. “He clicked on the link out of curiosity, following which he received a message on his messaging app from an unidentified number. The sender invited him to join an investment group on the app,” said a police officer, requesting anonymity. 

The police investigation revealed that initially, the fraudsters suggested stocks that led to minor profits in Ali’s Demat account, which helped gain his trust. “Later, they persuaded him to invest through their own investment platform, providing different bank account details for the transactions,” reads the FIR.

The accused allegedly displayed artificial profits through IPO subscriptions to encourage further investments. Cybercrime Branch station house officer (SHO) Ranjeet Kumar Singh said, “Initially, he began trading with 10,000, but over time, he kept investing more. In 14 transactions, he lost 35.20 lakh.”

Police said Ali realised he was being defrauded when the suspects demanded an additional 5 lakh to cover an alleged deficit. Realising he had been scammed, he lodged a complaint with the cybercrime branch on January 18. Based on his complaint, an FIR was registered under Sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita, along with provisions of the IT Act. Further investigation is underway, they added. 

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