Rs 1.6 Cr swindled in separate investment frauds involving fake IPO platforms
New Delhi: In separate incidents, a doctor and his wife, as well as another woman, were duped out of Rs 1.6 crore by fraudsters who promised high returns on investments.
In the first case, a woman from Lajpat Nagar invested Rs 83 lakh on a fake platform that claimed to offer substantial returns on investments in Initial Public Offerings (IPOs). The fraud was carried out through a platform that falsely presented itself as a legitimate international trading service. According to the complainant, the platform used sophisticated tactics, including a professional-looking interface, false promises of high returns, and staged withdrawal options, to gain her trust. Initially encouraged to invest just Rs 5,000, she said she was gradually pressured into investing larger sums through psychological manipulation and fabricated assurances of legitimacy.
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The complainant informed the police that the fraudulent platform claimed to offer high-yield investments in UC stocks, indexes, and IPOs. "It initially allowed small withdrawals to build investor confidence. However, once significant funds were deposited, the platform imposed withdrawal restrictions and stopped providing meaningful customer support," the complainant stated.
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On Feb 17, the platform rebranded itself, changing its name, which the complainant believes was a tactic to disguise its fraudulent nature. Despite the rebranding, the platform remains operational and continues to lure new victims.
In another case, a doctor and his wife were similarly duped after investing Rs 77 lakh in a fraudulent website. The couple told the police that the fraud began when they were tricked into joining a dubious mobile app that promised IPO allocations. After downloading the app, they were led to believe they had secured allocations in multiple IPOs, only to be instructed to transfer large sums of money into various bank accounts across the country, with no direct connection to any legitimate trading platforms.
The fraudulent transactions, which took place over several dates in Jan and Feb 2025, involved a total of 14 transactions. The couple grew suspicious after repeated requests to deposit significant sums into unrelated accounts, prompting them to file a complaint.
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