Summary of this article
Senior citizen loses Rs 1.5 crore in Facebook investment scam.
Scammers used fake SEBI certificates, forged IDs, and WhatsApp.
Police registered case and advised caution against online investment offers.
Scams exploiting online investment platforms have become increasingly common, causing significant financial harm to victims across the country. Many of these frauds make use of trusted names and sophisticated tactics to convince investors to part with their money, often promising unrealistic returns.
A recent case involving a 64-year-old resident of Sector 71, Mohali has come to light. The senior citizen, Rajandeep Singh, lost around Rs 1.5 crore after being drawn into a fake investment scheme through Facebook. The fraudsters posed as respected companies such as HDFC Securities and Upstox to lure Singh into their trap.
How The Scam Was Orchestrated
The scheme began when Singh came across an advertisement on Facebook that promised attractive profits. Upon clicking the ad, he was added to a WhatsApp group named B-7 HDFC Market Navigation, where the scammers presented themselves with fake Securities and Exchange Board of India (Sebi) certificates and forged identity cards. They even impersonated senior executives to appear credible. Initially, Singh invested Rs 10,000, and the fraudsters used a fabricated trading ID to make it appear as if his investment had doubled.
This initial success encouraged him to invest significantly higher amounts, first Rs 71.34 lakh, then Rs 34.35 lakh, through several online transactions. Throughout this period, the scammers continued to show falsified returns. However, the money was quietly diverted to the fraudsters’ accounts. Eventually, the fake accounts were deleted, and Singh was left without any of his invested funds.
According to a report in The Indian Express, following a complaint, the Cyber Crime Police initiated an investigation and registered a case under applicable provisions of the BNS and Section 66C of the Information Technology Act. Authorities have said the scam seemed highly organised and sophisticated, adding that this is similar to many other cases that have recently surfaced.
The police have also cautioned investors while dealing with online investment offers, especially those promising unusually high returns or solicited through social media channels.
