Latest news with #AryanMehta
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Bengaluru teen, 19, duped of ₹3.7 Crore in investment scam, police launch search for accused: Report
A 19-year-old engineering student from Bengaluru's Yelahanka New Town was duped of ₹3.7 crore in a sophisticated online stock market scam that began with a Facebook post and spiraled into an international fraud involving fake investment platforms and forged profit dashboards. Also Read - BBMP urges Bengaluru residents to report park entry denials, reaffirms extended timings According to a report in The Times of India, the victim filed a complaint with the East CEN police on May 19. According to his statement, he first came across a social media advertisement in February that promised high returns through stock market investments. Curious and eager to earn extra income, he responded to the post and was soon added to a WhatsApp group called "Wealth Architects." The group appeared highly professional. It was managed by individuals using the names Aryan Mehta, Ishan Mehta, and Avni Sharma, who claimed to represent a reputed global investment firm named 'Rockefeller Capital'. Group chats included regular market tips and testimonies of profits shared by supposed investors—tactics that gave an illusion of authenticity and success. The student initially invested small amounts ranging from ₹10,000 to ₹15,000. Encouraged by the returns credited to his bank account, he continued to send larger sums. He was then asked to open a demat account through a link to a platform called 'Kopernik' and was guided by someone who introduced themselves as Nicole Taylor. The student was taught how to monitor his growing profits, which seemed to show a daily rise of 10–20%. Also Read - Nine-month-old tests positive for Covid-19 in Bengaluru What began as a minor investment quickly escalated. Trusting the platform and its apparent gains, the student borrowed from friends and family to invest more. His parents also began contributing, reassured by the screenshots of rising account balances. Within weeks, he had transferred ₹1.4 crore, with the dashboard reflecting an inflated ₹3.8 crore, including fake profits. The scam deepened when the student was encouraged to invest in an IPO promising tenfold returns. Following the transaction, his account displayed a whopping ₹7.7 crore. But when he attempted to withdraw the funds, he was told the account had been frozen by the "US Stock Exchange Commission" due to suspicious activity. To unfreeze it, he was asked to pay a ₹40 lakh margin. Still unaware he was being defrauded, he made the payment—only to be told later that another ₹78 lakh was required as a 5% 'service fee.' When he asked for the amount to be deducted from the existing balance, the fraudsters refused, raising his suspicions. His attempts to contact the group members failed—most phones were switched off. While some messages in the group claimed successful withdrawals after the additional payment, the entire WhatsApp group was disbanded on May 4. Members were directed to a new Telegram group with 58 participants, but it lacked the previous activity. Police officials confirmed the victim had transferred money across 11 bank accounts. 'We are working with the banks to freeze the accounts and trace the money. A few lakhs have been recovered so far,' a senior officer involved in the case told to the publication.
Time of India
22-05-2025
- Business
- Time of India
Bengaluru student bites ‘high return' bait, loses Rs 3.7 crore in stock market scam
Bengaluru: A 19-year-old engineering student from Yelahanka New Town lost Rs 3.7 crore in an online stock market scam after falling prey to fraudsters posing as representatives of an investment firm. Zeeshan (name changed) also involved his parents in the scheme after initially receiving small returns. A senior police officer confirmed that the student had transferred ₹3.7 crore across 11 bank accounts. "We are working with banks to freeze the accounts. A few lakhs have been traced so far," the officer said. According to Zeeshan's complaint filed with East CEN police on May 19, he came across a Facebook post in Feb promising high returns on investments in the stock market. After contacting a phone number shared in the post, he was on March 1 added to a WhatsApp group titled 'Wealth Architects', where members discussed trades in Indian and US stock markets. The group was run by individuals using the names Aryan Mehta, Ishan Mehta, and Avni Sharma, who claimed to represent 'Rockefeller Capital'. Zeeshan was persuaded by the activity in the group, including profit claims shared by other members. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He began sending small amounts like Rs 10,000–Rs 15,000 to the bank accounts provided by the fraudsters. Initial returns credited to his account helped build his trust. Subsequently, Zeeshan was asked to open a demat account through a link shared on WhatsApp, allegedly with a platform called 'Kopernik'. He was guided by someone using the name Nicole Taylor on how to transfer money and monitor profits. Transactions made via RTGS appeared as the balance in the demat account, showing a daily increase of 10–20%. Encouraged by the "profit" shown on the platform, Zeeshan borrowed heavily from his friends and relatives. He showed the returns to his parents , who also began investing through him. Within weeks, Zeeshan had transferred Rs 1.4 crore, with the account reflecting a cumulative Rs 3.8 crore including "profits". The fraud continued with Zeeshan encouraged to apply for an Initial Public Offering (IPO), which promised 10 times returns. His account balance showed Rs 7.7 crore post-IPO. However, when he attempted to sell the shares, he was told he would need to pay a Rs 40 lakh margin to unblock the demat account, claimed to be frozen by the "US Stock Exchange Commission" due to suspicious activity. Zeeshan, who had already "invested" nearly Rs 3.3 crore by then, paid the Rs 40 lakh, but access was still denied. The fraudsters then demanded an additional Rs 78 lakh as a 5% service fee. When Zeeshan asked for the amount to be deducted from the account balance, they refused. At this point, he grew suspicious. Attempts to contact other group members failed as most phones were unreachable. Some messages in the group claimed successful withdrawals post-payment. On May 4, members were told to exit the WhatsApp group, and communications shifted to a Telegram group with 58 members. Zeeshan informed police that the fraudsters remained active on WhatsApp even after he filed the complaint.
