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Cyber criminals duped a policeman to the tune of Rs 7 lakh in an online share trading scam. The policeman lodged the FIR in this case at Shivajinagar police station on Saturday.
As per the FIR, in November 2023, a cybercriminal added the complainant policeman to a WhatsApp group and told him he could earn huge profits through online share trading.
A fraudster posing as a ‘customer care’ executive called the complainant over phone assuring daily profit on purchase of shares and up to three times ‘commission’ on subscribing IPOs. The fraudster then made the complainant install an app on his phone for online share trading.
The policeman kept transferring money into different bank accounts to buy shares as per instructions of the con men.
Police said that in a span of eight months, the complainant policeman transferred Rs 7,04,500. When he realised he was not getting any returns, and the fraudsters had stopped receiving his calls, he filed a complaint with the police.
Police have booked the unidentified fraudsters in this case under IPC sections 419, 420 and sections of Information Technology Act.
Modus operandi
Police said several such cases of share trading frauds are being frequently reported. Cyber criminals fish for potential targets through social media posts or phone messenger texts.
Those who respond are added to online groups where they are offered online lessons and are asked to log in to certain share trading apps designed by the conmen themselves, police said.
“These apps have intriguing and technical–sounding names to make them seem authentic, and these fraudsters also misuse many big names in the wealth management sector claiming affiliations. As victims start sending money to fraudulent accounts, the fake apps start showing unrealistically high returns, luring victims into further investing substantial amounts,” a senior policeman said.
“The fraudulent apps often mimic legitimate trading platforms, creating a false sense of security even reflecting ups and downs in the market. When victims try to withdraw their earnings, the fraudsters vanish,” he added.
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