Noida: A businessman from Noida became the victim of an elaborate online investment scam, losing Rs 1.15 crore after being deceived by fraudsters posing as financial experts. The scam, which unfolded over several weeks, was orchestrated through fraudulent stock market websites that promised high returns but ultimately drained the victim’s savings.
The Initial Contact and Trust Building
The ordeal began on January 27, 2025, when the businessman received a WhatsApp call from a woman named Rishita, who introduced herself as a certified financial analyst. She provided him with links to two investment websites, urging him to register and invest. Initially skeptical, he decided to test the waters with a small investment of Rs 1 lakh on January 31.
To his surprise, he was informed the next day that he had earned a profit of Rs 15,040, which he successfully withdrew. Encouraged by this seemingly legitimate transaction, he gained trust in the scheme and decided to invest more.
Escalating Investments and False Promises
Over the next few weeks, the businessman invested a staggering Rs 65 lakh, believing that his investments had ballooned to Rs 1.9 crore. The fraudsters continued to assure him that his portfolio was growing, convincing him that he had made a sound financial decision.
However, trouble began when he attempted to withdraw his purported profits in late February. The scammers imposed multiple financial demands, claiming various charges needed to be paid before the funds could be released.
The Web of Fake Charges
The first demand was for Rs 31.6 lakh, allegedly as ‘taxes’ required for withdrawal, which he paid in early March. However, shortly afterward, the fraudsters insisted on an additional Rs 18.6 lakh as a “conversion charge,” promising that the money would be released within 24 hours. Trusting their assurance, the businessman made the payment, hoping to access his funds.
Even after these payments, the fraudsters continued to make new demands, asking for another Rs 40 lakh. It was at this point that the businessman realized he had been scammed and decided to report the matter to the authorities.
How to Stay Safe from Investment Scams
Verify Credentials: Always check the legitimacy of financial advisors and investment platforms through official regulatory bodies like SEBI.
Beware of Unrealistic Promises: High and guaranteed returns are often a red flag for fraud. Genuine investments come with risks.
Avoid Unverified Platforms: Invest only through well-known and regulated stock market platforms.
Never Make Additional Payments: Scammers often lure victims by asking for extra charges before allowing withdrawals.
Report Suspicious Activities: If you suspect a scam, report it immediately to cybercrime authorities.
Investment frauds are becoming increasingly sophisticated. Staying informed and cautious can help individuals avoid falling prey to such deceptive schemes.
