A Panchkula resident has reported a loss of ₹19 lakh after falling prey to an online trading scam orchestrated through WhatsApp. The victim was manipulated into making multiple payments over a period of time, lured by the promise of high returns on investments in the stock market.
According to police sources, the fraudsters posed as professional investment consultants and targeted the complainant through a WhatsApp message. Claiming to be affiliated with reputed trading platforms, they gradually built trust and encouraged the victim to join a private group where others were seemingly earning significant profits.
FCRF x CERT-In Roll Out National Cyber Crisis Management Course to Prepare India’s Digital Defenders
Sophisticated Tactics and Fake Trading Platform
Once the victim joined the group, he was guided to deposit money in what appeared to be a legitimate trading app interface. Initially, the app displayed fabricated profits to convince the victim of the scheme’s legitimacy. As confidence grew, so did the victim’s investments—eventually totalling ₹19 lakh.
However, when the complainant tried to withdraw the funds, the app displayed errors, and customer support contacts became unresponsive. Realizing he had been defrauded, he approached the police and filed a formal complaint with the Panchkula Cyber Cell.
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
Case Registered, Probe Underway
A case has been registered under relevant sections of the Indian Penal Code and the Information Technology Act. Cyber officials have launched an investigation into the phone numbers and bank accounts used by the suspects. Authorities are working with financial institutions and telecom providers to trace the digital footprint of the accused.
Police have once again cautioned residents against falling for investment schemes promoted via social media or messaging apps. “Always verify the credentials of financial advisors and avoid transferring large sums based on online promises,” a police spokesperson said.
With online financial scams on the rise, authorities urge the public to remain vigilant, especially when approached by unknown individuals offering unrealistic returns.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.
