Golf Green man loses 1.4 crore to online share-trading fraud
Cops have started a probe and have been able to block Rs 9 lakh in one of several hundred accounts they were tracking. They are trying to return the amount to the victim, cops said on Tuesday.
According to the complaint, a former top management official with a media firm, who took early retirement three years ago and is currently working as an independent business consultant, came across an advertisement on Facebook in July that promoted opportunities for high returns through share trading.
After responding to the advertisement, he was added to a WhatsApp group named after a popular nationalised bank.
"In the group, members were given instructions to buy and sell shares at specific times. The group had names and photos of real-life top officials whose portfolios matched the details shared by the administrators. I ran a fair amount of research before I started investing," the man told TOI.
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For the first few days, he was directed to carry out trades through an online portal, and the transactions appeared to generate small returns.
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Encouraged, he continued to participate in trading activities suggested by the group.
On July 29, the complainant said, the group administrators informed members about an upcoming Initial Public Offering (IPO) of a real estate company that would be offered at a discount. Believing the claim, he invested approximately Rs 1.4 crore in different transactions between July 21 and Aug 6. The IPO was listed on the National Stock Exchange.
However, the complainant alleged that his money was blocked in the process and he was unable to sell the shares or recover the amount.
"The app still shows I have an earning of over Rs 4 crore. But they didn't allow me to withdraw it and asked me for more money as transaction fees — 30% of the total amount," he said.
The complainant said that on realising the fraud, he tried to reach out to other group members, only to realise many of them were fake profiles planted by the fraudsters.
Cops said they have located one of the administrators in western Mumbai and also came across a man in Kolkata in whose account a portion of the cheated money had landed. None, however, has been arrested yet.
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