A Varanasi resident was allegedly cheated of ₹17.12 lakh in a Telegram-based stock trading fraud after scammers lured him into a fake block trading investment scheme with promises of high returns. Investigators said the fraudsters first credited a small amount as purported profit to gain the victim’s trust before persuading him to transfer larger sums through multiple transactions.
Fake Profit Used to Build Trust
According to police, the victim, Kapil Dev Rajbhar, a resident of Sikraul in Varanasi’s Cantt area, was first contacted through a Telegram profile named “Natali.” He was later added to a Telegram channel where a person claiming to represent Nalanda Capital Private Limited promised substantial returns through block trading.
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Investigators said the victim was initially persuaded to invest ₹5,000 on March 21 and ₹10,000 on March 25. On April 8, ₹15,000 was credited to his bank account as purported investment profit, making him believe that the platform was genuine.
Victim Asked to Pay More to Withdraw Money
Police said the accused later collected ₹92,000 on April 9 in the name of block trading. On April 16, the victim transferred ₹5 lakh and another ₹55,000. During May, he was allegedly persuaded to transfer ₹50,000, followed by two further payments of ₹5 lakh each on different dates. In all, he transferred ₹17.12 lakh to the fraudsters.
When the victim asked for his investment and claimed profits to be transferred to his demat account, the fraudsters allegedly demanded an additional ₹25.48 lakh. They warned that his entire investment would otherwise be frozen. The demand led the victim to suspect fraud, after which he approached the Cyber Crime Police Station.
Initial Payment Linked to Another Cyber Fraud
The investigation took a significant turn on June 6, when the State Bank of India informed the victim that the ₹15,000 credited to his account had been placed on hold during a cyber fraud investigation. Subsequent inquiries revealed that the action had been initiated by the Patna Cyber Police.
Investigators found that the ₹15,000 credited as initial “profit” had itself originated from another cyber fraud and was allegedly used by the scammers to gain the victim’s confidence.
Cybercrime expert and former IPS officer Prof. Triveni Singh said online trading and investment scams often begin with fake profits or small payments to establish credibility before victims are persuaded to invest larger amounts. He advised people to independently verify the legitimacy, regulatory registration and authenticity of any investment platform before transferring money through offers received on social media or messaging apps.
