A resident of Panchkula has lost ₹24.6 lakh in a sophisticated online investment scam, highlighting the growing threat of cyber fraud linked to fake stock trading platforms.
The victim, Shiv Kumar Gupta, lodged a complaint on March 20 after realising he had been deceived by fraudsters posing as representatives of a legitimate financial firm.
How the Scam Unfolded
According to the complaint, Gupta was first contacted via WhatsApp. The fraudsters claimed to represent 5paisa Capital Limited and offered lucrative investment opportunities.
They promised high and consistent returns through stock trading and initial public offerings. To build credibility, they shared forged documents and created a convincing narrative.
Trusting their claims, Gupta began transferring money in phases.
A Carefully Planned Trap
The fraudsters asked for an initial deposit of ₹70,100. This was followed by a much larger payment of ₹19.98 lakh for a supposed IPO investment. Later, Gupta transferred another ₹4.7 lakh for what was described as block trading.
To maintain his confidence, the accused allowed small withdrawals of ₹4,000 and ₹5,000. These transactions were designed to make the scheme appear genuine.
Meanwhile, a fake mobile application showed inflated profits exceeding ₹35 lakh. It even displayed share allocations worth over ₹100 crore, none of which were real.
When Doubt Turned Into Alarm
The fraud came to light when Gupta attempted to withdraw ₹5 lakh. His request was denied. Instead, he was asked to deposit more money.
This raised suspicion. On verifying with 5paisa Capital Limited, Gupta discovered that no account existed in his name.
It became clear that he had been duped.
The accused reportedly went further, threatening to misuse his personal data when he refused to send additional funds.
Police Action and Investigation
Following the complaint, cybercrime police in Panchkula registered a case under multiple sections of the Bharatiya Nyaya Sanhita. These include charges related to cheating, forgery, electronic fraud and criminal conspiracy.
An investigation is now underway to trace the individuals behind the scam. Authorities are also examining digital evidence, including transaction trails and communication records.
Rising Threat of Investment Scams
Cases like this reflect a wider trend. Fraudsters are increasingly using messaging platforms and fake apps to target individuals.
They often impersonate well-known financial institutions. Promises of quick profits and exclusive investment opportunities are used to lure victims.
Experts advise caution. Investors should always verify the authenticity of platforms and avoid transferring money based on unsolicited offers.
A Costly Lesson
For Gupta, the loss is significant. The case serves as a reminder of how convincing digital scams have become.
As cybercrime evolves, awareness remains the first line of defence. Authorities continue to urge the public to stay alert and report suspicious activity without delay.
