Cyber fraudsters swindled ₹3,49,13,731 from two women in Chandigarh by setting a trap using WhatsApp groups, Facebook advertisements, and fake trading accounts, enticing them with promises of daily profits of up to 5% in the stock market and returns of up to 150% on IPOs.
In both cases, the accused posed as officials from reputed trading companies, sent fake ID cards and purported SEBI registration certificates, and facilitated the opening of online trading accounts where they displayed “profits.”
They initially won the victims’ trust by allowing them to withdraw small amounts. However, when the victims attempted to withdraw larger sums, they were coerced into depositing more money under the guise of taxes, fees, margins, and other charges. The Cyber Crime Police Station (Sector 17) has registered a case against unknown accused persons based on the complaints filed by both women and has initiated an investigation. How the scam unfolded:
Mridu Malik, a resident of Sector 38 West, stated in her police complaint that on June 7, she joined a WhatsApp group where messages regarding stock market investments and profits were being shared. Several members were sharing details about their profits. In the first week of August, she received a call from an individual claiming to be an official from an investment company. He claimed that the company worked with major corporations and facilitated stock market trading for investors.
She was told that investments could yield daily profits of around 5% and returns of up to 150% on IPOs. The accused also sent the company’s purported SEBI registration certificate and his own job ID card via WhatsApp.
On August 4, the woman initially deposited approximately ₹20,000. She saw a profit of around 5% reflected in her online account. Subsequently, she increased her investment to about ₹20 lakh. The account continued to show rising profits.
Later, the accused proposed an investment in a “rights issue” and lured her with the promise of making her a company partner if she invested a larger amount. The woman allegedly invested ₹1.50 crore in the rights issue. Subsequently, she also invested approximately ₹1.50 crore in an IPO.
When the woman wanted to withdraw her money, the accused demanded funds under the guise of taxes and company dividends. She deposited an additional ₹10 lakh. By the time Indu realized something was amiss, she had already lost ₹3.30 crore.
**Lured via Facebook Ad; Swindled of ₹18.93 Lakh**
Manbir Kaur, a resident of Sector-44, informed the police that on June 2, she saw a Facebook advertisement promising profits starting the very next day from a one-time investment in the stock market. She registered using the link provided in the advertisement.
Subsequently, a man called, identifying himself as an account manager for a trading company, and provided a confirmation of her account opening via the company’s official email ID. Initially, she deposited approximately ₹20,690.
Profits appeared in her online account, and she even successfully withdrew a small amount. Receiving the funds in her bank account boosted her confidence. She was then persuaded to deposit more money under the pretext of maintaining margins and protecting trades from losses.
At one point, the online account displayed a profit of ₹73 lakh. When she attempted to withdraw the funds, the accused demanded a fee to convert the amount into Indian currency. She deposited approximately ₹4.20 lakh as the fee. However, when further payments were demanded, she became suspicious. A total of ₹18,93,731 was swindled in this case.
