In a case of online deception, cybercriminals have swindled four residents of Nashik out of ₹55.41 lakh under the pretence of easy stock market gains. Cyber police officials revealed that the fraud began in April when victims were added to a WhatsApp group that promised high returns through a trading platform linked via special links.
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How the Scheme Unfolded
The operation was methodical. Scammers initially contacted victims through WhatsApp invitations to an exclusive investment group. They presented a polished front, showcasing screenshots of lucrative gains and urging participants to register on a fake trading app. Victims were subsequently guided to deposit funds into designated bank accounts, purportedly to unlock higher returns.
One individual transferred ₹11.46 lakh, while the other three collectively invested ₹43.95 lakh totalling ₹55.41 lakh. The transfers were made via online banking methods, including UPI and IMPS. As days turned into weeks, no returns materialized, nor were refunds issued. Victims realized it was a scam only after multiple follow-ups went unanswered.
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Police Investigations Underway
The cybercrime cell at Nashik has registered cases under the Information Technology Act and IPC sections related to cheating. Cyber Police Inspector Riyaz Sheikh is leading the investigation, focusing on tracing the IP sources, banking channels, and digital footprints left by the scammers.
Authorities are reviewing the WhatsApp group’s activity logs, the suspicious app’s backend details, and bank account beneficiary information. Police have warned the public about the dangers of joining unverified investment groups and urged residents to verify credibility before investing.
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.