Retired Bengaluru professor duped of Rs 2 crore in fake trading platform fraud
Fraudsters lured the victim through WhatsApp investment groups and a fake trading platform by promising huge returns.
According to the victim, the accused persuaded him to register on a website and subsequently added him to WhatsApp groups. (Image generated using AI) A Bengaluru-based retired professor has alleged that fraudsters duped him of more than Rs 2 crore by luring him into investing through WhatsApp groups and a purported online trading platform while promising extraordinary returns.
In a complaint filed with the city cybercrime police on June 19, the victim said he came across a social media advertisement promoting an investment program called ‘Kanishka Scheme’. After clicking the link, he was redirected to WhatsApp, where individuals contacted him and claimed that investments through their platform could yield returns of up to 300 per cent.
According to the complaint, the accused persuaded the victim to register on a website and subsequently added him to WhatsApp groups titled ‘AR-Deposit Services ST4704 Group’ and ‘[ANAND RATHI] VIP 1’.
The complainant alleged that members of these groups, posing as investment advisers and market experts, regularly shared stock market tips, IPO recommendations, and investment strategies. They also allegedly claimed that the company operating the platform was registered with the Securities and Exchange Board of India (Sebi), thereby lending credibility to the scheme.
Trusting the accused’s representations, the victim transferred funds on multiple occasions between May 12 and June 17 this year to bank accounts maintained across several financial institutions, including Central Bank of India, Bandhan Bank, Karur Vysya Bank, Utkarsh Small Finance Bank, ICICI Bank, Kotak Mahindra Bank, and AU Small Finance Bank.
The police said the complainant transferred a total of Rs 2.05 crore to multiple bank accounts operated by the accused over the 36 days.
The fraud allegedly came to light when the promised returns failed to materialise, and the complainant could not withdraw either the profits or his principal investment. Realising he had been cheated, he contacted the National Cyber Crime Helpline (1930) and lodged a complaint.
Based on his complaint, the cybercrime police have registered a case against unidentified persons under several provisions of the Bharatiya Nyaya Sanhita pertaining to cheating and Section 66(D) (personation using computer resources) of the Information Technology Act.
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