In the cyber alleys of Greater Noida, a software engineer became the latest victim in a fast-evolving fraud technique that mirrors the legitimacy of regulated markets—only to swindle nearly ₹70 lakh in just 30 days. What started with a single click on social media ended with a dream portfolio showing ₹1.72 crore… and zero access to it.
From Chat Group to Catastrophe
It began innocently. A 49-year-old tech professional from Gaur City, Greater Noida, joined a WhatsApp group offering stock market tips after clicking a social media link in mid-June. The group, which appeared to be operated by financial analysts, pushed real-time market updates, “insider” IPO alerts, and Over-the-Counter (OTC) stock recommendations.
Soon, he was moved to a “premium” group promising institutional-level access to high-return stocks. These included Initial Public Offerings (IPOs), OTC stocks, and “curated” investment strategies designed for maximum profit.
Encouraged by early withdrawals after small investments, the victim believed the system was authentic. Over 30 days, he transferred a staggering ₹69.73 lakh through multiple transactions.
The False Promise of Riches and the Withdrawal Trap
At one point, the man’s Demat account dashboard displayed a portfolio worth ₹1.72 crore. But when he tried to withdraw, the narrative changed.
“Suddenly, they demanded brokerage fees,” the FIR states. “Despite repeated requests and payments, withdrawals were denied.”
The victim was told that to access his “profit,” he must first pay heavy fees for “regulatory clearance,” “platform usage,” and “brokerage obligations”—a classic delay-and-extract strategy often used in advance-fee frauds.
Realizing he’d been conned, the software engineer approached the Cybercrime Branch in Greater Noida, where a formal FIR under cheating (BNS) and IT Act provisions was registered on Saturday.
A New Breed of Financial Cybercrime
According to SHO Ranjeet Singh of the Cybercrime Branch, the scam mimicked real institutional investing environments, blending financial jargon with well-designed dashboards that imitated NSE/BSE interfaces.
“This wasn’t just social engineering—it was a full-fledged simulation of legitimate trading platforms,” he said.
Experts warn that India is seeing a rise in “social investing frauds” where WhatsApp and Telegram groups use trusted branding, influencer testimonials, and partial payouts to trap victims. The line between genuine investing and financial manipulation has never been blurrier.