Shocking Scam: Woman Loses Over Rs 51 Lakhs in Fake Stock Market Scheme in Noida!

Noida: In a shocking stock market scam, a woman from Noida was allegedly defrauded of over Rs 51 lakh into a fake trading scheme, promising a handsome return, police said on Monday.

Police said that the victim, Meenu Rani of Greater Noida, lodged a complaint with the Cyber Crime police station on Saturday.

Woman Loses Over Rs 51 Lakhs in Stock Market Scam

Rani said that she was defrauded by Hari Singh, who claimed to have 15 years of experience in stock market investment. She invested a total of Rs 51.50 lakh.

Rani in her complaint mentioned that after being lured into the scheme, she was added to a WhatsApp group and had also taken money from her husband, mother-in-law and relatives for investing.

Deputy Commissioner of Police (Cyber Crime) Preeti Yadav said Aarti Singh, a member of the group Rani was added to, contacted her and told her that Hari had bought several Amazon gift vouchers of Rs 1,000 to help a woman, which were now being given to all the women in the group. When Rani logged in with her ID on Amazon using the gift voucher, Rs 1,000 was credited to her account.

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Yadav mentioned that seeing this, Rani’s trust in Hari grew stronger, as he promised her she could earn three to five times her investment in the stock market within a month.

The DCP said the scamsters then asked the woman to invest Rs 50,000 initially. When the woman transferred this amount to the account mentioned by the fraudsters, her profit started appearing along with the original amount on an app that the fraudsters had asked her to download.

Scammers Cut Ties After Requesting Money Back

In an attempt to earn more profit, the woman transferred money from her husband, mother-in-law, and relatives' accounts. When she sought a loan from an acquaintance, she was warned that she had fallen victim to a scam. After requesting her money back from the fraudsters, they cut off all communication.

Yadav said out of the total amount deposited in the fake scheme, Rs 4,80,000 has been held back, and efforts are being made to recover the remaining amount as well.

A case was registered under the Information Technology Act. Further investigation is underway, police added.

(with PTI inputs)