A 41-year-old businessman from Noida has become the latest victim of a sophisticated cybercrime, losing a staggering Rs 9 crore to a fake trading app scam.
The man Rajat Bothra, a resident of Sector 40, reportedly got lured into the scam after encountering discussions about the stock market on WhatsApp. This is a common tactic employed by cybercriminals, who prey on people's interest in potentially high returns. The victim was contacted by fraudsters posing as investment advisors and enticed with promises of lucrative opportunities.
The group learned about making profits from share market trading, and one member started with small investments. By May 27, he had invested Rs 9.09 crore in share trading. However, when he tried to withdraw his funds, he discovered the app was a sham, and his money was inaccessible. Following this fraud, the businessman filed an FIR at the Cyber Crime police station, and about Rs 1.62 crore of the transacted funds have been frozen in the account.
“Bothra was told to ‘buy shares’ through this app on the promise of multi-fold returns. Bothra commenced investing, starting with small investments. By May 27, he had invested a staggering Rs 9.09 crore. It was only after his trading account was abruptly closed, he realised that he had been duped,” Assistant commissioner of police (cybercrime) Vivek Ranjan Rai said.
Bothra mentioned in the FIR, filed on May 31, that by May 27, he had transferred a total of Rs 9.09 crore in 13 installments through a fraudulent app. He also stated that he filed an online complaint about the incident on the government's cybercrime portal.
The ACP said that the investigation revealed the duped money was transferred to bank accounts in various locations, including Chennai, Assam, Bhubaneswar, Haryana, and Rajasthan.
Recently, Zerodha co-founder Nikhil Kamath warned users on social media about these scams, urging caution. The government also issued a warning to citizens about fake advertisements that trick people into scams, highlighting the use of deep fake videos and images, and advised everyone to stay alert.