Hyderabad Techie Defrauded of Rs 1.55 Crore in Elaborate Stock Market Scam
In a shocking incident from Hyderabad, a 34-year-old software professional residing in Golconda has been swindled out of a staggering Rs 1.55 crore over a mere 20-day period this month. The fraud was perpetrated by criminals masquerading as stock-market investment advisors. Following a formal complaint, the Hyderabad cybercrime police officially registered a case on Wednesday and have initiated a comprehensive probe into the matter.
How the Scam Unfolded Through WhatsApp
The victim, whose identity remains protected, recounted to authorities that on March 6, he was unexpectedly added to a WhatsApp group named Nifty Storm 35 by an unknown individual. Members within this group persistently shared screenshots purportedly showing substantial profits from stock trading, creating an illusion of legitimacy and success.
Encouraged by these posts, the fraudsters persuaded the techie to download two trading applications: Mark In and Mark CM. He installed these apps by clicking on links provided by the accused, setting the stage for the financial deception.
Massive Financial Transfers and Blocked Access
Between March 6 and March 23, the victim executed 21 transactions, transferring the entire Rs 1.55 crore to various bank accounts through these fraudulent applications. Recipient accounts were linked to diverse sectors, including trading firms, security companies, garments businesses, and construction enterprises, indicating a complex network designed to obscure the money trail.
After the transfers were completed, the apps displayed a cumulative investment value of Rs 2.4 crore, falsely inflating the amount. When the victim attempted to withdraw funds, the scammers demanded an additional Rs 30 lakh under the guise of tax payments. Growing suspicious, he refused and insisted on the return of his full investment. In response, his access to the applications was abruptly blocked, and he was removed from the WhatsApp group, cutting off all communication.
Legal Action Under IT Act and Bharatiya Nyaya Sanhita
Upon receiving the complaint, Hyderabad cybercrime police have taken swift legal action. A case has been registered under multiple sections:
- Sections 66C and 66D of the Information Technology Act, addressing identity theft and cheating by personation using computer resources.
- Sections 318(4) for cheating, 319(2) for cheating by personation, 336(3) for forgery intended to cheat, and 340(2) for using forged documents or electronic records as genuine under the Bharatiya Nyaya Sanhita.
This incident underscores the escalating threat of cyber fraud in India, particularly through social media and messaging platforms. Authorities are urging the public to exercise extreme caution with unsolicited investment offers and to verify the authenticity of financial applications before engaging in transactions.
