Noida has reported a cyber fraud case in which fraudsters allegedly cheated a person of ₹53 lakh by promising high returns through investments in Initial Public Offerings (IPOs). According to the allegations, the victim was added to a WhatsApp group where purported investment experts repeatedly claimed investors could earn substantial profits from the stock market and IPOs. After gaining the victim's trust, the accused allegedly persuaded the individual to transfer money in 19 separate transactions.
According to the information available, the fraudsters contacted the victim while posing as investment advisers and stock market experts. Initially, they advised the victim to invest a small amount and displayed profits on a fake online platform. This increased the victim's confidence, leading to larger investments.
The accused allegedly received approximately ₹53 lakh through 19 transactions using different bank accounts and payment channels. When the victim attempted to withdraw the invested amount and the purported profits, additional payments were allegedly demanded in the name of taxes, processing fees and other charges. After becoming suspicious and conducting a personal inquiry, the victim discovered that the investment scheme was allegedly a cyber fraud.
The victim subsequently filed a complaint with the cyber police station. Police have registered a case and initiated an investigation. Investigating agencies are attempting to identify the accused by examining bank accounts, mobile numbers, WhatsApp chats, digital payment records and other technical evidence.
Cyber experts say cases involving fraud in the name of IPOs, the stock market, cryptocurrencies and online trading have increased in recent years. According to them, fraudsters use social media, messaging applications and fake investment platforms to lure people by promising high returns.
Police have appealed to the public not to trust investment advice shared in unknown WhatsApp or Telegram groups without verification. They have advised investors to use only authorised and registered platforms or financial institutions for IPO and stock market investments. Police also urged people to remain cautious if anyone claims unusually high returns within a short period and to verify such claims before investing.
The cyber crime branch has further advised people to obtain complete information before transferring money to any unknown bank account. In the event of suspected fraud during an online investment, people should immediately contact their bank, the cyber helpline and the local cyber police so that necessary action can be taken without delay.
Police said the investigation is continuing, and details of the relevant bank accounts and digital transactions are being collected. Officials stated that the accused would be identified through technical evidence and legal action would be taken against them.
