The rising tide of “stock market investment scams” has claimed two more victims in Haryana, with residents of Kaithal losing ₹66 lakh to a gang of high-tech fraudsters. The scam utilized a combination of psychological pressure and forged regulatory documents to convince the victims of the legitimacy of a fake trading platform.
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The Modus Operandi: The victims were initially added to a WhatsApp group titled “Stock Market Elite Experts.” The administrators of the group shared forged SEBI (Securities and Exchange Board of India) registration certificates to build trust. They promised “insider tips” and guaranteed returns of 200% on small-cap stocks.
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The Fake Interface: After winning the victims’ confidence, the fraudsters instructed them to download a specific trading application. The app showed massive “virtual profits” on their screen, which encouraged the victims to transfer larger sums—totaling ₹66 lakh—into multiple “corporate accounts” provided by the scammers.
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The Trap: When the victims attempted to withdraw their supposed earnings, the platform demanded a “30% profit-sharing tax” and “security clearance fees.” It was only after these additional payments failed to unlock their funds that the victims approached the Kaithal Cyber Crime Police Station.
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Police Action: Kaithal Police have frozen several suspicious bank accounts linked to the fraud. Preliminary findings suggest the money was quickly converted into cryptocurrency or moved through “mule accounts” based in different states.
Cyber Cell Advisory: “SEBI never communicates via WhatsApp for individual investments. If a platform shows you 100% profit but asks for money to withdraw it, it is 100% a scam,” warned a senior officer of the Kaithal Cyber Cell.
