Mumbai: In yet another alarming case of cyber fraud targeting the elderly, a 79-year-old retired man from Mulund, Mumbai, has fallen victim to a well-orchestrated cyber scam, losing Rs 11.59 lakh after being lured with promises of high returns on share market investments through a fake trading platform.
YouTube video sparks interest in fake investment scheme
According to the police, Nagnath Ganpat Rudrawar, a resident of the Tirumala Habitats building on Balrajeshwar Road, Mulund (West), was lured into the scam after watching a YouTube video on July 9. The video claimed that an investment of just Rs 1 lakh in the share market would yield daily returns of 5%.
Victim joins WhatsApp group posing as Axis Securities
Interested, he clicked on a link provided in the video’s description, which redirected him to a WhatsApp group named “Ritika Singh. Axis Securities”. The group’s admin, claiming to be Ritika Singh, regularly shared tips on stock trading, IPOs, and investments. She later added Rudrawar to another group called “E4 Axis Securities Limited.”
Fake website created to gain victim’s trust
To gain his trust, Ritika persuaded him to register on a website, https://www.axiskspro.com, posing as an official trading platform and helped him open a virtual account under his name. Following Ritika's instructions, Rudrawar made an initial investment of Rs50,000 into a bank account provided by her.
Displayed profits lure victim into repeated transfers
The portal displayed fictitious profits, which further convinced him of the legitimacy of the scheme. Over the course of three weeks, between July 11 and July 31, he transferred a total of Rs 11,59,700 from his Yes Bank account for buying shares and IPOs, as instructed.
Withdrawal failure exposes scam
However, when he attempted to withdraw some of the displayed profits, the withdrawal failed. On questioning Ritika, she told him that the IPO allotment amount needed to be paid before any withdrawal could be processed. This raised suspicions and confirmed his fear of being scammed.
Complaint registered with cybercrime portal
Realizing he had been duped, Rudrawar filed a complaint on the National Cyber Crime Portal (1930) on August 3. Following the complaint, the East Region Cyber Police registered an FIR against unknown individuals involved in creating and operating the WhatsApp groups, fake website, and fraudulent bank accounts.
Funds siphoned through multiple firms and banks
The investigation has revealed that the fraudsters used multiple bank accounts for siphoning off funds, including those held with Desktech Solutions Pvt Ltd, Yuraj Enterprises, MR Properties, The Zone Trading, Rudra Enterprise, and Gatrad Suppliers.
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Accounts traced across banks nationwide
The accounts were held across banks including Axis Bank, RBL Bank (Madhapur, Hyderabad), Bank of Maharashtra (Sasaram), Bank of Baroda (Visakhapatnam), Central Bank of India (Cuttack), Karur Vysya Bank (Kolkata), and others.
FIR filed under BNS and IT Act provisions
Police have filed charges under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act, and further investigation is underway to trace the culprits and recover the funds.
