Noida: A 73-year-old retired Indian Navy officer from Noida has allegedly been cheated out of ₹2.23 crore in an elaborate online investment fraud involving a fake stock trading application. According to the police, cybercriminals posing as representatives of a reputed brokerage firm contacted the victim through WhatsApp and persuaded him to invest through a fraudulent trading platform. The suspects allegedly displayed fictitious investment gains exceeding ₹6 crore on the application to gain the victim’s confidence and induce larger investments. The fraud came to light after the victim was unable to withdraw his money despite paying an additional amount demanded by the fraudsters. A case has been registered, and the Cyber Crime Police are investigating the matter.
According to investigators, the retired officer, a resident of Jalvayu Vihar in Sector-21, Noida, received a WhatsApp message on June 10, 2026, carrying the logo of a well-known brokerage company and promising high returns through online stock trading. Believing the communication to be genuine, the victim filled out an online registration form. The fraudsters subsequently collected copies of his Aadhaar card, PAN card and photograph to complete a purported online KYC process before directing him to download a trading application, which investigators later identified as a fake platform.
Police said the suspects initially displayed profits on relatively small investments to build the victim’s trust. As the apparent returns continued to rise on the application, the victim was allegedly encouraged to invest increasingly larger amounts. According to the investigation, the fake trading dashboard eventually showed investment gains exceeding ₹6 crore, convincing the victim that his investments were generating substantial profits. Relying on those figures, he continued transferring funds over several weeks.
The FIR states that between June 15 and July 21, the victim transferred approximately ₹2.23 crore to multiple bank accounts provided by the accused. Later, when he attempted to withdraw ₹1.85 crore from the purported investment, the fraudsters allegedly demanded an additional ₹62.51 lakh as a “service fee” before processing the withdrawal. Investigators said the victim paid the demanded amount as well, but the funds were never credited to his account. Repeated delays and excuses eventually raised his suspicion that he had been defrauded.
Seeking clarification, the victim visited the Mumbai office of the brokerage company on July 27, where officials allegedly informed him that cybercriminals had been misusing the company’s name and logo in similar fraudulent investment schemes. Following this, he lodged a complaint with the Noida Cyber Crime Police Station. Investigators are now tracing all bank accounts that received the transferred funds while examining digital evidence, financial transactions and communication records to identify the individuals behind the alleged fraud and establish the complete money trail.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said incidents involving fake trading applications and fraudulent investment platforms have increased significantly in recent months. He explained that cybercriminals frequently misuse the names, logos and branding of reputed financial institutions and brokerage firms to gain the trust of unsuspecting investors. According to him, fraudsters typically display fabricated profits during the initial stages to encourage larger investments before demanding additional payments under the guise of taxes, service charges or withdrawal fees.
Cybersecurity experts advise investors never to download trading applications through links received on WhatsApp, Telegram or other social media platforms. Investment applications should always be downloaded from the official website of the concerned company or authorised app stores. Investors should also verify that the platform is registered with the Securities and Exchange Board of India (SEBI) before transferring any funds. Any platform promising unusually high or guaranteed returns, or demanding additional payments before permitting withdrawals, should be treated as a warning sign. In case of suspected cyber fraud, victims should immediately report the incident to the National Cyber Crime Helpline at 1930 or file a complaint with the nearest Cyber Crime Police Station.
