Noida man loses 43.86 lakh in fraud

Police said when the victim tried to withdraw money, he was directed to invest an additional ₹15 lakh on initial public offer (IPO).

A 48-year-old man was allegedly duped of ₹43.86 lakh in Noida’s Sector 168 police said on Friday.

The victim was added to a WhatsApp group through a social media platform on July 11 for share market trading.

He was added to a WhatsApp group through a social media platform for stock market trading, they added.

A case of cheating against unidentified suspect was registered at the Cybercrime Branch police station on Thursday.

Police said the victim, who did not wish to be identified, is a resident of a high-rise in Noida, Sector 168.

The victim was added to a WhatsApp group through a social media platform on July 11 for share market trading. “After a fortnight, I was asked for trading to get guaranteed profit,” the victim said in the FIR, adding, “Initially, I invested ₹30,000, but gradually I made 25 transactions of ₹43.86 lakh.”

Police said when the victim tried to withdraw money, he was directed to invest an additional ₹15 lakh on initial public offer (IPO). “When he denied the additional investment, the fraudsters removed him from the group and disabled all the links provided to him for investment,” said Cybercrime Branch, Station House officer, Ranjeet Singh.

The SHO added, “The victim approached the Cybercrime Branch police station to lodge a complaint. After an inquiry, a case under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita and the IT Act was registered, and efforts are underway to recover his money and trace the suspects.”