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KOLKATA: A 45-year-old resident of Canal Circular Road has allegedly been swindled out of approximately Rs 1.2 crore by cyber criminals who lured her into fraudulent stock trading schemes and fake investment portals through messaging groups. Posing as relationship managers from reputable wealth management firms, the perpetrators trapped the victim by presenting fabricated trading records, offering assurances of high market returns, and initially releasing a small partial withdrawal to gain her confidence before pressing for larger sums. Following a formal complaint registered at Phoolbagan police station, investigators have launched an inquiry into the financial transactions, beneficiary bank accounts, and mobile numbers used to carry out the operation.
Initial investment gains and token withdrawal win victim’s trust
According to the complaint, the fraudulent operation commenced on September 22, when the complainant clicked on a shared link and joined a WhatsApp group comprising around 85 active participants. The members routinely exchanged messages concerning everyday equity market dealings, stock recommendations, and purported profit figures. These consistent discussions and documentation of substantial earnings established an impression that the forum belonged to a legitimate wealth advisory firm.
Soon afterwards, individuals portraying themselves as corporate relationship managers reached out to the woman through direct phone calls and text messages. They directed her to register an account on an online trading portal via a specific web link. Trusting their representations, she initially deposited around Rs 3 lakh. The fraudulent interface subsequently displayed what seemed to be reasonable profits on her capital. To cement her trust, the operators permitted her to withdraw roughly Rs 1 lakh. Once the funds reached her bank account, she was convinced that the investment mechanism and the trading activity shown on the portal were authentic.
Fabricated share allotments, deficit demands, and brokerage fees
Having secured the complainant’s faith, the fraudsters changed their tactics. The rigged software displayed an allotment of shares valued far above the volume she had applied for, which produced a steep negative balance on her profile. The accused then insisted that she deposit more funds to clear the artificial deficit, cautioning her that no withdrawals would be sanctioned until the entire outstanding sum was settled.
When the victim attempted to recover her funds, she received an email directing her to pay an immediate 10 percent brokerage fee on the total sum. The demand prompted serious doubts, leading her to seek advice from a cybersecurity expert, who confirmed that the portal was an imitation created to deceive investors. Upon attempting to contact other group members, she found the forum completely inaccessible. The operators had also routed the transfers through multiple separate bank accounts to complicate transaction tracking.
Second fraudulent approach leads to total loss of Rs 1.2 crore
A second phase of the fraud unfolded on October 20, when another individual identifying as a portfolio manager contacted the complainant and placed her into a separate WhatsApp group. Promising lucrative returns on fresh trades, the caller persuaded her to use another imitation website and deposit an additional Rs 5 lakh. By deploying multiple deceptive websites and messaging forums operating under the names of established investment brands, the syndicate systematically extracted a total sum of around Rs 1.2 crore from the complainant.
The episode underlines the evolving methods employed by cyber fraudsters, who exploit professional facades, active discussion forums, and small token withdrawals to generate credibility before executing substantial financial swindles. Phoolbagan police are tracking the fund trail, reviewing the bank accounts used to accept deposits, and working to identify the individuals behind the operation.
