Man from Kanchanbagh Loses Rs.14.34 Lakh in Online Trading Scam

The fraudsters contacted him on WhatsApp and lured him into using a fake online trading platform named FYERS-DMA, falsely posing as an official service of a securities firm. The platform initially appeared genuine and even allowed two profit withdrawals of Rs.3.60 lakh to gain the victim’s trust.

Believing it to be legitimate, the victim gradually invested a total of Rs.17.94 lakh into various accounts provided by the handlers. However, when he later attempted to withdraw his funds, the platform blocked all requests and stopped responding.

The fraudsters further tried to deceive him by showing fake profits and demanding repayment of a fabricated Rs.15 lakh loan before releasing his funds. After verifying with the official securities firm team, the victim learned that the platform and the loan facility were entirely fake and filed a complaint. The total amount lost by the victim was Rs.14.34 lakh.

In an advisory, the police asked the people to stay alert against fake online trading platforms. Fraudsters are creating fake trading apps and WhatsApp groups impersonating SEBI-registered brokers. They initially allow small profit withdrawals to gain investor trust and convince victims to invest larger amounts.

Victims are asked to transfer money to personal/unknown bank accounts, which genuine trading platforms never do. Fake platforms may display false profits and demand repayment of fabricated “loans” before allowing withdrawals.

Always verify trading platforms through official websites, verified customer care, and SEBI registration details. Avoid clicking on unknown links or responding to unsolicited WhatsApp messages offering investment or trading services.

Never share banking details, OTPs, or make payments based on online promises of high returns. In case of suspicion or financial loss, immediately report the matter to 1930 or www.cybercrime.gov.in. In case of any emergency of cyber frauds please call or WhatsApp 8712665171.