Electrical Engineer Defrauded of Rs 25.86 Lakh in Sophisticated Online Trading Scam
A 34-year-old electrical engineer employed by an energy company has become the latest victim of a meticulously planned online share trading fraud, losing a staggering sum of Rs 25.86 lakh. The incident, which transpired earlier this year, was formally reported at the Cybercrime police station in Jamnagar on Monday, with the victim, Kamlesh Tirthani, filing a complaint against multiple individuals and entities involved in the elaborate scheme.
How the Elaborate Scam Unfolded
The fraudulent operation began on April 28, 2024, when Tirthani encountered an Instagram reel that advertised educational content on stock market investments and portfolio enhancement. Intrigued by the promise of financial growth, he clicked on the advertisement, which subsequently led to his addition to a WhatsApp group dedicated to discussions on share market trading.
Within this group, a person identifying herself as Meera initiated contact with Tirthani. She presented herself as an agent representing a firm called Prime Management Limited, asserting that the company was officially registered with the Securities and Exchange Board of India (SEBI). Meera made compelling promises of substantial profits if Tirthani conducted his trading activities through their proprietary platform.
The Gradual Financial Drain
Initially, Tirthani was instructed to deposit a modest amount of Rs 10,000 to begin trading. However, this was merely the first step in a calculated financial extraction. Between June 2 and July 4, 2024, the victim proceeded to transfer a total of Rs 25.86 lakh across five separate transactions, gradually increasing his investments based on the fraudsters' assurances.
The scam reached a critical point on June 22, after Tirthani had deposited Rs 15.86 lakh. His online account on the fraudulent platform displayed an artificially inflated balance of approximately Rs 81 lakh, purportedly reflecting significant profits. Encouraged by this apparent success, he attempted to withdraw Rs 20 lakh, only to be met with a new demand from Meera.
The Final Sting and Disappearance
Meera informed Tirthani that to access his funds, he must first deposit Rs 19 lakh as a 30% profit-sharing fee, a common tactic used by scammers to extract more money. When Tirthani expressed his inability to arrange such a large sum, the fraudster negotiated down to Rs 10 lakh. After he transferred this additional amount, Meera abruptly ceased all communication, stopped answering calls, and switched off her phone, leaving Tirthani with substantial financial losses and no recourse through the platform.
The police complaint names Meera, another individual known as James, the operators of the dubious stock trading website, and several bank account holders who facilitated the transactions. This case highlights the growing sophistication of online financial scams targeting individuals through social media and messaging platforms, underscoring the importance of vigilance and verification when engaging in investment opportunities.
