A 72-year-old retired engineer has been defrauded of ₹1.3 crore after being lured into a fake online stock trading scheme by cybercriminals posing as trading mentors and support staff. The scam began when the victim was contacted via WhatsApp on August 18 by an individual claiming to represent a US-based trading firm “CHCP Global Securities”. He was added to a WhatsApp group and introduced to a so-called mentor “Dr Jitender Bahadur”.
The Illusion of Easy Money
Within the WhatsApp group, the victim observed fabricated screenshots showing consistent trading profits. Encouraged by these fake gains, he downloaded a trading app and made initial small investments. Believing in the legitimacy of the gains, he proceeded to transfer money in 22 separate transactions via NEFT, RTGS and IMPS between August 20 and October 18. When he attempted to withdraw the money, the fraudsters demanded further payments for taxes and processing — standard tactics in such schemes.
Investigation Underway
An FIR has been registered at the Cyber Crime Police Station in Noida under sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS) and Section 66D of the Information Technology Act. Police are working to trace the bank accounts that received the funds and hope to freeze or recover amounts. This case adds to the rising number of cyber-frauds targeting senior citizens and investors through investment-app illusions and WhatsApp-based social engineering.
Warning Signals for Investors
Experts underline key red flags: unsolicited messages promising high returns, pressure to invest large sums quickly, and platforms where initial small withdrawals build false trust. They advise verifying regulatory registration of trading apps, avoiding transfers to unknown accounts and treating investment solicitations via social chats with scepticism. The Greater Noida West incident confirms that fraudsters are increasingly targeting retired professionals with fake trading schemes.
