A Bengaluru techie became the victim of an online stock trading scam, losing over ₹1.3 crore after being lured into a fraudulent Telegram group that promised high returns.
How the Scam Unfolded
The victim, who had attended online training sessions about stock market investments, was introduced to a Telegram group managed by a fraudster posing as a trading expert named Surendra Kumar Dubey. The group, which appeared authentic with around 60 members, featured fake profiles sharing screenshots of their supposed profits.
Victim’s Investment Journey
Following the group’s advice, the techie opened a Demat account using a link provided by the group. He made an initial investment of ₹10,000, which doubled within a week. Encouraged by the early returns, he increased his investment, eventually accumulating a profit of ₹1.4 crore.
Withdrawal Attempt and Discovery of Fraud
To test the platform’s legitimacy, the victim withdrew ₹85,036 successfully. However, when he tried to withdraw ₹20 lakh, his account was blocked. Shortly after, the fraudsters deleted the Telegram group and vanished.
Investigation and Police Action
A case has been registered under the Information Technology Act and Section 318 (cheating) of the Indian Penal Code. The police have initiated an investigation to trace the perpetrators. Authorities are urging people to exercise caution when investing online and to verify the authenticity of platforms before making any financial commitments.
