A 48-year-old man and his family were defrauded of INR four crore twenty-five lakh, all under the guise of generous stock market returns. The scam has been linked to family friends who spurred their investment and subsequently misused their account access.
How Trust Met Its Ruin
According to the complaint, the victim—identified as Shankar—had often discussed investments with a family acquaintance, Hari Subramaniam. Hari introduced Shankar to someone named Ramprasad Ashwin, who presented himself as a sub-broker connected to a Delhi-based brokerage firm. The pair promised an astonishing thirty-five to thirty-six percent returns, either monthly or annually, prompting the family’s trust.
Convinced, Shankar transferred INR one crore twenty-five lakh to an entity named Globe Capital Market Limited, and his family added another INR three crore. These funds were handed over to the duo, along with sensitive details—including demat account credentials, OTPs, and login information—which were then allegedly exploited for unauthorized transactions.
A Web of Deceit and Legal Redress
The deception traces back to 2021, though its exposure only surfaced in 2025. Local police confirmed that a formal complaint has been filed under relevant provisions of the Information Technology Act, and an investigation is underway. Authorities are verifying the facts and tracing the movement of misappropriated funds. This case underscores a growing problem: fraudsters using personal relationships and technological access to siphon off funds, especially when victims willingly share sensitive data under trust. It also highlights gaps in investor awareness—many may not realize that a claim of guaranteed high returns is a common red flag in investment scams.
