Ahmedabad Man Loses Rs 22 Lakh in Elaborate Stock Trading Scam
In a distressing case of cyber fraud, a 35-year-old man from Vejalpur in Ahmedabad has approached the Cybercrime police after allegedly being cheated of a staggering Rs 22 lakh by fraudsters. The scam involved a sophisticated fake stock trading scheme that was promoted through a messaging app group, highlighting the growing risks of online investment fraud.
How the Scam Unfolded
According to the First Information Report (FIR) filed with the police, the complainant works as a senior executive at a pharmaceutical company located on Ambli-Bopal Road in Ahmedabad. The incident began on February 1 when he received an unsolicited message inviting him to join a stock market investment discussion group on a popular messaging platform.
The group, which boasted over 150 members, appeared legitimate as it frequently shared stock trading tips and screenshots claiming to show high returns. One of the group administrators introduced himself as a representative of a reputed investment firm, thereby gaining the trust of participants.
The Trap: Fake Trading Application
The fraudster then convinced the group members to download a mobile trading application through a link shared within the group. Trusting the claims, the complainant installed the app and created an account using his personal and identity details.
Initially, the application displayed impressive profits ranging between 10% and 20%, which significantly boosted the victim's confidence in the scheme. This tactic is commonly used by scammers to build trust and encourage larger investments.
Financial Transactions and Escalation
The accused then contacted the complainant privately and shared multiple bank account details, asking him to transfer money for stock purchases. Between February 24 and March 18, the complainant transferred a total of Rs 22 lakh through several transactions to accounts held in different banks.
Later, the app showed a purported profit exceeding Rs 2.5 crore, creating an illusion of massive success. However, when the complainant attempted to withdraw the amount, his request was abruptly blocked.
The Final Demand and Police Complaint
In a classic move of such scams, the accused subsequently demanded over Rs 30 lakh as "income tax" to release the funds. This demand made the complainant realize he had been duped, prompting him to approach the Cybercrime police in Ahmedabad.
A case has been registered under relevant sections for cheating, impersonation, and criminal breach of trust. Further investigation is currently underway to trace the accused and follow the money trail, according to police officials.
Key Takeaways from the Scam
- Fraudsters posed as investment firm representatives to gain credibility
- The fake trading app initially showed consistent profits to build trust
- Funds were transferred to multiple bank accounts over several transactions
- Withdrawal was blocked when attempted, and additional money was demanded as "tax"
- Cybercrime police have registered a case and are probing to trace the culprits
This incident serves as a stark reminder for investors to exercise extreme caution when approached with unsolicited investment opportunities through digital platforms. Always verify the credentials of investment firms through official channels and avoid transferring money to unverified accounts.
