A 61-year-old resident of Noida reportedly lost over Rs 1 crore in a stock trading scam conducted via WhatsApp. A group of fraudsters, with one posing as a “professor,” allegedly offered investment advice. According to reports from The Times of India, the victim, Sital Kumar from Sector 113, was approached in April 2023 by three individuals claiming to be financial advisors from E-Trades India Company Private Limited. This group purportedly presented themselves as a subsidiary of the global investment bank Morgan Stanley. Over a period of three months, Kumar was enticed to invest significant amounts with promises of exceptionally high returns.
One of the perpetrators, who identified himself as Sanjay Sharma, conducted daily online sessions in a WhatsApp group, sharing insights on stock trading, IPOs, and after-hours markets. Two others, Alyssa and Priyanka Singh, claimed to be assisting Sharma and allegedly helped Kumar establish a high net-worth individual (HNI) account. They later persuaded him to upgrade to an ultra-HNI account, promising enhanced trading opportunities.
By June 2024, Kumar had invested over Rs 1 crore. His suspicions were aroused when additional funds were requested upon his attempt to withdraw money. Upon visiting Morgan Stanley’s office in Mumbai in July, Kumar discovered that neither the company nor the individuals had any affiliation with the purported subsidiary.
A complaint was subsequently filed by the victim on the National Cyber Crime Portal in November, followed by a report to the cybercrime branch earlier this month. Authorities have registered a case under sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita and Section 66D of the Information Technology Act. The police are currently investigating the financial transactions involved and determining the authenticity of the investment platforms used.