In a shocking case of digital deception, a 44-year-old farmer from Mokila on the outskirts of Hyderabad was defrauded of a staggering Rs 1.9 crore in a sophisticated online stock market investment scam. The Cyberabad police have registered a cheating case and launched a hunt for the fraudsters who operated through a counterfeit mobile application.
The Elaborate Web of Deception
The victim's ordeal began in the last week of September when he was added to a WhatsApp group named 'Reliance Wealth Pioneers' by unknown individuals. The group members aggressively promoted so-called 'block trades' and 'upper circuit stocks', creating an illusion of exclusive, high-yield investment opportunities.
A fraudster, identifying himself as Ravi Mehra and claiming to be the group's analyst, then took charge. He instructed the farmer to download an Android application called RCMPMA from a web link he provided. After guiding him to open an account on the app, Mehra lured the victim with promises of high, tax-free returns and zero commission on investments.
How the Scam Unfolded
Trusting the fraudster's assurances, the victim began transferring large sums of money from his HDFC and ICICI bank accounts to various bank accounts and UPI IDs provided by the scammers. The scheme followed a classic pattern: to build false trust, the fraudsters initially allowed the victim to withdraw small amounts of money.
Encouraged by this, the farmer was later coaxed into transferring even more funds, this time for a purported IPO allotment. The trap was set. When the victim eventually tried to liquidate his holdings and withdraw his principal and promised profits, the scammers sprang their final trick.
They demanded a 20% service fee for processing the withdrawal. Immediately after this demand, they disabled the withdrawal option on the fake app. "The activity on the app and the WhatsApp group also suddenly stopped," the victim told police, realizing he had been cheated.
Police Action and Legal Framework
The farmer approached the Cyberabad cybercrime police station on Monday to file a formal complaint. Acting swiftly, the police registered a case under multiple sections of the new Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
The charges include:
- Section 318(4) for cheating and dishonestly inducing delivery of property.
- Section 319(2) for cheating by personation.
- Section 336(3) for forgery for the purpose of cheating.
- Section 338 for forgery of a valuable security.
- Section 340(2) for using a forged document or electronic record as genuine.
- Section 66-D of the Information Technology Act for cheating by personation using computer resources.
Investigators are now analysing the bank transaction trails and the two phone numbers used by the suspects to identify and apprehend them. This case highlights the increasing sophistication of financial cybercrimes targeting individuals with promises of unrealistic returns.
The Cyberabad police have reiterated warnings against downloading unknown applications from unverified links and transferring money based on advice from unverified individuals in social media groups. They advise citizens to only use official, recognized platforms for stock market investments.
