Bengaluru, December 29: A city-based techie has lost over INR 1.4 crore in a sophisticated online stock market scam, where fraudsters misused the name of a legitimate brokerage platform. The victim, lured by promises of high returns after attending online stock market training sessions, was duped in an elaborate scheme.

According to a report by The Times of India, the victim was introduced to a Telegram group managed by a fraudster posing as a stock market leader, Surendra Kumar Dubey. The group, which claimed to have around 60 members, appeared authentic, with participants sharing screenshots of their alleged profits. Many of these members, however, were later found to be impostors working for the scam ring. Online Fraud in Bengaluru: Cryptocurrency Trader Grishma, Her 5 Associates Dupe Tech Company's CAO of INR 56 Lakh by Posing As MD Through WhatsApp Message, Arrested.

Online Trading Scam in Bengaluru

Encouraged by the group's advice, the techie opened a Demat account via a link provided by the fraudsters and made an initial investment of INR 10,000. His investment quickly doubled within a week, prompting him to increase the amount. Eventually, he accumulated a profit of INR 1.4 crore.

Techie Loses Over INR 1 Crore in Share Market Fraud

To test the platform's legitimacy, the victim attempted to withdraw INR 85,036, which was successfully processed. However, when he tried to withdraw INR 20 lakh, his account was suddenly blocked, and the Telegram group was deleted. The fraudsters became untraceable, leaving the victim with significant losses. Digital Arrest in Bengaluru: Woman Duped of INR 30 Lakh; Forced To Break FDs and Empty Bank Accounts.

A case has been filed under the Information Technology Act and Section 318 (cheating) of the Bharatiya Nyaya Sanhita. Police have launched an investigation to track down the perpetrators. The police have urged the public to be cautious when investing online and to always verify the authenticity of platforms before making financial commitments.

(The above story first appeared on LatestLY on Dec 29, 2024 06:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).