Lucknow. A Lucknow resident has allegedly lost around ₹1.27 crore in a cyber fraud after being lured with promises of high returns on stock market investments. The fraudsters allegedly contacted the victim through WhatsApp and added him to a group with around 1,000 members. Screenshots showing alleged profits, investment advice and details of purported expert mentors were regularly shared in the group. To build trust, the victim was initially encouraged to invest small amounts and was shown profits on an online portal. As his investment increased, the fraudsters allegedly began demanding additional payments in the name of withdrawal charges and other fees.
Arshad Ahmed, a resident of Devamau in Golf City, has filed a complaint with the cyber police. According to his complaint, unidentified persons contacted him through WhatsApp a few months ago and offered him an opportunity to invest in the stock market. He was subsequently added to a large WhatsApp group, where screenshots of alleged profits of other investors were displayed to encourage members to invest more money.
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Small Initial Investments Used to Build Trust
According to the complaint, the fraudsters initially advised Arshad to invest a small amount. He first invested ₹10,000, after which the online portal showed a profit of around 30%. This allegedly convinced him that the investment platform was genuine. He subsequently invested ₹20,000, on which a profit of approximately 25% was displayed.
As the figures on the portal continued to show increasing profits, his confidence in the scheme allegedly grew. The fraudsters then persuaded him to invest progressively larger amounts. Money was transferred to several bank accounts at different stages. When his total investment crossed ₹50 lakh, he attempted to withdraw the funds.
Withdrawal Blocked After Investment Crossed ₹50 Lakh
According to the complainant, the withdrawal facility was blocked as soon as he tried to take out his money. The fraudsters allegedly told him that he first needed to invest another ₹10 lakh before the withdrawal could be processed.
When the payment was still not released, additional demands were allegedly made in the name of tax, GST, processing charges and other fees. The complainant claims that he continued transferring money to different bank accounts in the hope of recovering his investment and the profits displayed on the portal.
According to his complaint, the total amount transferred through various transactions eventually reached approximately ₹1.27 crore. When the demands for additional payments continued and the invested money was not returned, he realised that he might have been defrauded. He then approached the cyber police with his bank statements and transaction details.
Fraudsters Allegedly Created a Fake Digital Investment Environment
The alleged fraud was not limited to phone calls or individual messages. The accused reportedly created an organised digital environment through the WhatsApp group, where the presence of hundreds of members, profit screenshots and purported expert advice were used to create an impression of a legitimate investment operation.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said that investment fraudsters often begin with small transactions and display artificial profits to establish credibility. Once the victim develops confidence, they encourage larger investments. At the withdrawal stage, demands for tax, GST, processing fees or other charges are used to extract additional money. Investors should independently verify the legitimacy and regulatory status of an investment platform before transferring funds.
Bank Accounts and Transactions Under Investigation
Following the complaint, the police have registered a case and started investigating the transactions. Investigators are examining the bank accounts into which the victim transferred money. They are also trying to determine who controlled these accounts, where the funds were transferred subsequently and who was operating the alleged network.
The investigation is also expected to examine the WhatsApp group, mobile numbers, the alleged investment portal, bank transactions and other digital evidence. These records could help investigators establish how the operation was conducted and identify the people involved.
The police are now tracking the ₹1.27 crore financial trail while working to identify and apprehend the accused. Investigators will also examine whether other people were targeted through the same WhatsApp group or investment scheme.
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.
