Cyber police witness spike in complaints against stock-trading scams

In all these cases, the complainants have named different companies or services, which makes us believe that many cyber frauds have taken up the same modus operandi, said an officer from cyber police. “In all the above cases, besides the various sections for cheating and forgery, we have also booked the accused for criminal conspiracy (IPC 120 B),” said the officer

Mumbai: The cyber police have seen a spike in the number of complaints received regarding stock-trading scams, where services claim to provide tips on stock trading ensuring large profits to their clients, but end up duping them. In the last 10 days, five such cases have been registered by the Western region cyber police, amounting to ₹1.73 crore.

The individual amounts that the complainants lost range from ₹64 lakh to ₹14.5 lakh.

The individual amounts that the complainants lost range from ₹64 lakh to ₹14.5 lakh.

Pramodkumar Khosla, 72, received a message about a wealth doubling plan in December. He was then added to a group where the members had access to recorded lectures about investment strategies and even received tips regarding stock trading.

“I was then asked to download an app on which my investments and returns were calculated. Through the tips, I was told about some upper circuit shares (whose values are on a constant upward trend),” Khosla told the police.

A few of his initial investments yielded very good results, so when he was told to make a big investment for an upcoming IPO (Initial public offering), he spent ₹64 lakh. When he tried to withdraw the money, the group admins suddenly went silent and removed him from the group.

In similar cases, a Bandra-based housewife Jayashree Dilkhe lost ₹43.25 lakh, Versova-based businessman Asad Khatav lost ₹36 lakh, designer Nirav Ganatra lost ₹14.30 lakh, and Avantika Nanda from Andheri lost ₹15.60 lakh.

In all these cases, the complainants have named different companies or services, which makes us believe that many cyber frauds have taken up the same modus operandi (see box), said an officer from cyber police. “In all the above cases, besides the various sections for cheating and forgery, we have also booked the accused for criminal conspiracy (IPC 120 B),” said the officer.

Deputy commissioner of police Datta Nalawade who has the additional charge of cyber police said that many of the fraudsters do not hesitate to use names of other more popular and genuine services in the domain of trade analysis either. “I would like to urge people to do their due diligence before using investment services. Instead of people who approach them over WhatsApp or social media, they must engage with more established services with physical offices that they can visit,” he said.

He assured that the cyber police are investigating these matters and collating data of similar cases from other cities to reach the criminals and bring their victims justice.