A Vadodara trader allegedly lost about ₹20.69 lakh in a stock market investment fraud after being drawn into the scheme through a Facebook advertisement.
The fraudsters allegedly directed him to a WhatsApp group, registered him on a fake trading website and displayed profits before blocking his account when he attempted to withdraw money.
The complainant, Harshad Suryavanshi, is from the Waghodia Road area of Vadodara. According to the complaint, he encountered an advertisement related to stock market trading while watching videos on Facebook and subsequently joined a WhatsApp group.
Facebook Advertisement Leads to WhatsApp Group
The administrator of the WhatsApp group and a woman named Krupa allegedly claimed an association with Motilal Oswal Financial Services. They registered Suryavanshi on a fake website and encouraged him to invest in the stock market.
The accused initially gained his confidence by showing profits on his investments, according to the complaint. As the apparent returns accumulated, he was persuaded to continue putting money into the scheme.
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Trader Deposits ₹20.69 Lakh
Suryavanshi was eventually induced to deposit around ₹20.69 lakh into various bank accounts. The website later displayed a profit of ₹2.11 lakh, prompting him to attempt to withdraw his money. However, when he sought to withdraw the amount, the accused allegedly pressured him to deposit additional money. His account was subsequently blocked, leaving him unable to access the funds shown on the website.
The sequence of events led Suryavanshi to realise that he had allegedly been cheated. The case involved promises of high returns from stock market investments, with social media advertisements allegedly being used to target him.
Police Register Case After 1930 Complaint
After discovering the alleged fraud, Suryavanshi contacted the National Cyber Crime Helpline on 1930 and lodged a complaint. Based on his complaint, Waghodia Police registered a case and began further investigation into the alleged cyber fraud.
The complaint centres on the Facebook advertisement, the WhatsApp group, the alleged false claim of association with a financial services firm, the fake trading website and the bank accounts into which the trader deposited his money.
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