Palwal: A major online trading cyber fraud has been reported from Haryana’s Palwal district, where a 68-year-old man was allegedly cheated out of ₹1.6 million after fraudsters lured him with promises of extraordinary investment returns. Posing as trading experts associated with a SEBI-recognised company, the accused first added the victim to a WhatsApp Business group, persuaded him to install a fake trading application, and convinced him to transfer money into multiple bank accounts. The fraudulent app later displayed an investment balance of ₹5.9 million, but when the victim attempted to withdraw ₹5 million, the transaction failed. The scammers then demanded an additional 20% service fee before releasing the funds. A case has been registered, and the Cyber Crime Police have launched an investigation.
According to the complaint, the victim, Kishan Singh, a resident of New Colony in Palwal, was added to a WhatsApp Business group by unidentified individuals. Members of the group claimed to be professional investment advisers and trading experts representing a company authorised by the Securities and Exchange Board of India (SEBI). Initially, they promised returns of 10–20% and gradually increased the projected profits to as much as 300%, earning the victim’s confidence.
Once trust had been established, the fraudsters instructed the victim to download a mobile application that they described as a professional online trading platform. They then directed him to transfer investment funds into different bank accounts. After each payment, the corresponding amount appeared in the application’s digital wallet, creating the impression that genuine investments were being made and generating profits.
According to the complaint, between 8 July and 17 July, the victim transferred a total of ₹1.6 million from his bank account in four separate instalments. As the investments continued, the application displayed a steadily increasing balance, eventually showing ₹5.9 million. Believing the profits to be genuine, the victim decided to withdraw part of the money.
However, when he attempted to withdraw ₹5 million, the transaction repeatedly failed. The fraudsters then informed him that a service charge equivalent to 20% of the withdrawal amount had to be paid before the transaction could be processed. They demanded an additional ₹800,000 to ₹1 million as a mandatory service fee.
The victim suggested that the so-called service fee be deducted directly from the ₹5.9 million balance already displayed in the application and that the remaining amount be transferred to his bank account. The fraudsters refused this request, abruptly stopped communicating, and became unreachable on WhatsApp. Realising that he had fallen victim to a sophisticated investment scam, the victim approached the Cyber Crime Police and lodged a formal complaint.
Following the registration of the case, investigators began examining the suspects’ mobile numbers, beneficiary bank accounts, digital payment records, IP logs, the fake trading application, and other electronic evidence. Authorities are also tracing the flow of funds to determine how the money was distributed and whether the fraud was carried out by a larger organised cybercrime network operating across multiple locations.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that online investment scams typically begin by building trust through WhatsApp or Telegram groups. Fraudsters display fabricated profits on fake trading platforms to encourage victims to invest larger amounts. When investors attempt to withdraw their money, they are asked to pay additional charges such as taxes, service fees, commissions, or verification fees. He advised investors to use only SEBI-registered and verified investment platforms, avoid downloading applications shared through unknown links, and independently verify any investment opportunity before transferring money.
Cybersecurity experts also recommend exercising extreme caution when approached with promises of unusually high or guaranteed investment returns. Any platform that demands advance fees before allowing withdrawals should be treated as suspicious. Victims of such frauds should immediately report the incident through the National Cyber Helpline 1930 or the National Cyber Crime Reporting Portal so that authorities can initiate timely financial recovery efforts and criminal investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
