Chandigarh: 54-Year-Old Pharmacy Officer From Sector 4 Loses ₹14.16 In Stock Market Investment Scam

In Panchkula, a 54-year-old pharmacy officer from Sector 4 lost Rs 14.16 in a stock market investment scam.

C-87 Motilal Oswal The Karma Classroom

On July 14, the victim came across a video on Instagram by one Sagar Sinha promoting high returns through stock trading. He was lured to a WhatsApp group named "C-87 Motilal Oswal The Karma Classroom"

Mofsl Max

The admins guided the victim to invest via a fake app called "Mofsl Max."

Victim Files Complaint

According to Hindustan Times, "The victim, who works at the Haryana Home Guard and Civil Defence training institute in Moginand village, filed a complaint on August 16 after being duped by scammers operating through WhatsApp and a fake trading app."

Amount Of Money Invested By Victim

He initially invested ₹1 lakh, followed by more transfers totaling ₹14.16 lakh.

Fake IPO

The scammers fabricated a fake IPO of “Shree Refrigeration,” promising massive profits to lure him into transferring more funds.

Scammers Leave No Trace

The fraudsters coerced the victim to pay a larger sum. The victim refused to pay a larger sum and as a result, the application was taken down. The victim approached the cyber police after realising he was defrauded.

Police Register Case

Police have registered a case against unknown individuals under Sections 316(2), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita. Police are investigating the case, a probe is underway.

According to the aseemjuneja.in website, there are many ways fraudsters lure victims:

1. Investment Scheme Scams

• Fraudsters lure investors with promises of high returns through fake investment schemes.

• Looking at the data, around 62,687 complaints have been registered for investment scheme scams, amounting to a total loss of approximately Rs 222 crores.

2. Fake Algorithmic Software Manipulation

• Many platforms promise AI-based trading software that guarantees consistent profits, only to deceive investors after collecting hefty fees.

3. Clone Trading Apps

• These clone apps target unsuspecting investors with fake advertisements and irresistible offers.

• Scammers create apps that mimic genuine trading platforms to steal funds.

• Here if look at the clone trading app scam in the state of Karnataka, the total loss amount was Rs 230 crores in 2022 which has increased to Rs 680 crore in 2023. The value reached Rs 903 crores by mid-2024, signaling the exponential growth.

• Authorized Push Payments (APP) scams encompassing clone trading apps resulted in a loss of around ₹3.7 crores in 2023 and the projected loss at a Compounded Annual Growth Rate of 6% is Rs 4.9 crores by 2028.