Ghaziabad Resident Cheated of Rs 9.3 Lakh in Elaborate Stock Market Scam
A man from Ghaziabad's Rajnagar Extension area has lost more than Rs 9.3 lakh to cyber criminals pretending to be legitimate stock market brokers. The fraudsters lured him with promises of high returns on IPO investments before disappearing with his money.
How the Scam Unfolded
The victim, identified as 46-year-old Kishan Swaroop from Gulmohar Garden Society, first encountered the fraud in early September. He received a message from a woman calling herself Ahana Gill, who claimed to work for a SEBI-certified trading company.
Gill presented herself as a professional stock market broker offering attractive investment opportunities. She promised Swaroop a 20% commission on all profits he would make through their recommended trades.
The Elaborate Deception
The fraud operation involved multiple team members playing different roles to build credibility:
- Ahana Gill acted as the primary broker, communicating through various phone numbers
- Rajneesh Narula provided daily trading tips and market advice
- Manvi Chauhan posed as a successful investor in group chats to encourage others to invest more money
The scammers started with a small test investment of Rs 20,000, which showed apparent profits to establish trust. Once Swaroop was convinced of their legitimacy, they persuaded him to invest in specific IPO schemes.
Major Investments and False Promises
The fraudsters directed Swaroop to invest in two particular IPOs:
- TechD Cybersecurity IPO
- Fabtech Technologies Ltd IPO
They showed him fake profits totaling approximately Rs 2 crore on their trading platform. However, when Swaroop tried to withdraw his supposed earnings, they demanded a 20% commission payment first - amounting to around Rs 40 lakh.
Financial Loss and Police Complaint
Between September 18 and October 28, Swaroop transferred money 15 separate times into different bank accounts. The total amount lost was Rs 9,31,005, which came from both his personal account and his wife Pushpa Saini's account.
After making these transfers, the brokers suddenly stopped responding. All their phone numbers became unreachable, leaving Swaroop with no way to contact them or recover his money.
Swaroop then approached the police with a written complaint detailing the entire fraud. Piyush Kumar Singh, ADCP (cyber & crime), confirmed that an FIR has been registered against unknown persons.
Legal Action Taken
The police have filed the case under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) for cheating, along with relevant sections of the Information Technology Act. Investigations are currently underway to identify and apprehend the fraudsters.
This case highlights the growing sophistication of cyber fraud operations targeting investors looking for quick returns in the stock market. Police advise citizens to verify the credentials of financial advisors and avoid transferring money to unverified accounts.
