Chandigarh stockbroker loses ₹1 crore in trading scam

Singh agreed to open an account with the scammers and starting from February 7, he gradually invested over ₹1 crore, including all his life savings

A resident of Sector 15 lost ₹1 crore to unidentified cyber fraudsters who lured him to invest in stocks and IPOs by promising high returns.

The fraudsters manipulated the victim and even loaned money to him to gain his trust. (iStock)

Complainant Amardeep Singh, a stockbroker, told police that he was approached by two entities named COATUE and Ram Investment Academy (RIA) on WhatsApp in February. They shared information about an investment scheme promising substantial returns. Both companies used to conduct training sessions via WhatsApp and online channels.

Upon becoming interested, Singh agreed to open an account with them and starting from February 7, he gradually invested over ₹1 crore, including all his life savings. The fraudsters continued to manipulate him and even loaned money to him to gain his trust. However, when he attempted to withdraw his funds, their app generated repeated messages demanding additional deposits. When he was unable to withdraw the money, he realised that he had been cheated and approached the police.

A case under Sections 420, 467, 468, 471 and 120-B of the Indian Penal Code was registered.