Faridabad: A 43-year-old property dealer from Sector-15 in Faridabad reportedly lost ₹17 crore in a cyber investment fraud spanning nearly seven months, police said on Tuesday. The scam came to light when the victim tried to withdraw his principal and displayed profits but could not access the funds. The fraudsters, posing as stock traders and investment advisors, disappeared without a trace. The victim filed a complaint with the Cybercrime (Central) Police Station on March 11.
Fake Investment App and Illusion of Profits
Investigations revealed that the victim had sold one acre of land along a national highway in August last year for around ₹20 crore. Soon after, he received a WhatsApp message offering high-return investments in the stock market and IPOs. “The cyber fraudsters forced him to download a phishing application on his mobile phone, claiming it would allow him to control and track his investments,” a senior police officer said.
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Funds Routed Through Multiple Accounts and Cryptocurrency
Police stated that the app displayed fake profits, prompting the victim to transfer money into at least 38 bank accounts across the country. Investigators added that the accused later converted the funds into cryptocurrency and transferred it out of India.
The fraud surfaced when the victim could no longer access the app. Upon contacting the suspects, they allegedly demanded additional payments citing tax and GST deductions. Suspecting foul play, the victim refused, after which the accused switched off their phones.
Nationwide Probe and Rising Concerns Over Investment Scams
Faridabad police public relations officer said, “Raids are ongoing at various locations to apprehend the suspects.” Officers added that at least 20 police teams have been mobilized nationwide to track down the accused.
An FIR has been registered against unknown suspects at the Cybercrime (Central) police station under Section 318(4) (cheating and dishonestly inducing delivery of property). Police said the investigation is ongoing and that international cyber fraud cases often involve multiple sources and routes for the funds, prompting coordinated action at the national level.
Investigating officers noted that such investment scams often rely on social engineering and fake apps. Fraudsters gain the trust of investors, trick them into transferring money, and eventually move the funds out via cryptocurrency or other digital channels.
Cybercrime experts advised victims to immediately contact the police and avoid downloading any suspicious links or apps. “Fake investment and stock apps are becoming increasingly sophisticated. Vigilance is the first line of defense,” experts warned.
