A resident of Faridi Nagar, Lucknow, was defrauded of over INR 2.96 crore in a sophisticated online stock market scam after clicking on an Instagram advertisement in April, the police said.
According to the FIR lodged on Saturday, the victim, Apoorva Rai, encountered a reel on Instagram on April 19 promoting stock market analysis training. Clicking on the advertisement redirected him to a WhatsApp account under the name “Tripti Grover ACI,” who advised him to invest in the stock market.
On April 24, Rai was instructed to download an application called “ACI Century App” via a link sent over WhatsApp. After registering with his phone number, he was added to a WhatsApp group titled “ACI Exclusive Guidance Group” with four other members. The group regularly shared screenshots of supposed profits and provided instructions for buying and selling QIP stocks, UC stocks, and IPOs.
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Fake Profits, Real Losses
Rai stated that the fraudsters instructed him to deposit funds into multiple mule bank accounts for purchasing capital-raising tools. Every time he transferred money, the corresponding amount appeared in his trading application, seemingly generating substantial returns.
Over time, this illusion of consistent profit encouraged him to invest more. The scammers maintained the deception by sending transaction screenshots, fabricating gains, and offering stock market tips.
However, when Rai attempted to withdraw 50% of his displayed earnings on May 27, the group claimed additional charges and taxes required to be paid first. This led to a series of further deposits. Between April 25 and July 6, the victim transferred a staggering INR 2,96,43,437 in 26 separate transactions to three government bank accounts, believing it was part of his investment.
It was only after repeated delays in processing his withdrawal that Rai realised he had been conned. He approached the Cyber Crime Police Station in Lucknow, providing bank statements and transaction details.
Investigation Underway
SHO Brijesh Yadav confirmed that an investigation is currently underway. Authorities are diligently examining the bank accounts utilised in the fraudulent activities, the identities of the WhatsApp contacts involved, and the hosting details of the “ACI Century App.”
Law enforcement officials suspect that this operation may be part of a larger cyber fraud network that targets individuals through social media advertisements. This case underscores the escalating threat posed by investment scams promoted through platforms such as Instagram, which employ meticulously crafted applications and fabricated communities to exploit naïve investors.