Two veterans from IAF and Navy cheated of Rs 1.3 crore in separate share trading online frauds

The IAF veteran, after clicking on a social media advertisement, was added to a WhatsApp group. The members of the group were discussing how they were getting high returns. He was subsequently made to open an account on a fraudulent share trading platform. Over the months of May and June, he was manipulated into making 10 large transfers totalling Rs 77 lakh, against which the fraudulent platform was showing gains of Rs 4.3 crores. When he tried to withdraw some amount, more funds were sought from him, He then realised that he was being cheated.

In the same manner, the Navy veteran too was added to a WhatsApp group. He was initially made to watch videos of share trading experts and was later made to download a fraudulent phone based application for share trading. Over May and June, he was made to do over a dozen large transfers totalling Rs 54 lakh before realising that he was being cheated.

In an advisory issued in this regard on February 26, the Securities and Exchange Board of India (SEBI) said, “Fraudsters are enticing victims through online trading courses, seminars, and mentorship programs in the stock market, leveraging social media platforms like WhatsApp or Telegram, as well as live broadcasts. Posing as employees or affiliates of SEBI-registered Foreign Portfolio Investors, they coax individuals into downloading applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy “Institutional account benefits”—all without the need for an official trading or Demat account. These operations often use mobile numbers registered under false names to orchestrate their schemes.”