A high-value cyber investment fraud has come to light in Aligarh, Uttar Pradesh, after a retired senior banker was cheated of over ₹1.10 crore in a fake stock market investment scheme that has now prompted police action across multiple states.
The victim, Dinesh Kumar Sharma, a retired Deputy General Manager from Punjab National Bank, was approached in early November via a WhatsApp message urging him to invest in stocks promising unusually high returns. The link led him to what appeared to be a legitimate investment portal, and the fraudsters used persuasive messaging and fabricated profits to convince him to transfer funds over several weeks.
After transferring multiple payments totaling ₹1.10 crore, Sharma realized that he was unable to withdraw his funds and the platform had gone silent. Concerned, he reported the matter to local police, triggering a larger investigation.
Extensive Fraud Network Busted
Aligarh police, in collaboration with cybercrime units in other states, identified a syndicate operating across seven states that specialized in fake stock and investment schemes. So far, 12 individuals have been arrested in connection with the scam. Authorities believe this fraud may be part of a much larger racket involving over ₹1,200 crore and more than 1.5 lakh victims, although investigation is ongoing.
Police sources say the accused created fraudulent trading platforms and WhatsApp groups to lure investors with promises of exceptional returns. Once victims transferred funds, the scammers would seize control of the accounts and cut off communication.
How the Scam Operated
- The fraudsters used social messaging apps like WhatsApp to contact the retiree and other victims.
- Investors were directed to convincing fake investment platforms that mimicked legitimate trading sites.
- Promised returns of up to 200 % were shown through fabricated dashboards to build trust.
- Once payments were made, victims were blocked from withdrawing or contacting the operators.
Police are tracing financial transactions through bank accounts and digital wallets to map the full extent of the fraud network and identify additional victims.
Official Statements & Next Steps
Law enforcement officials say they will continue the investigation to uncover the full scope of the ring and secure further arrests. Those arrested are being questioned under relevant sections of the Indian Penal Code relating to 419 (cheating), 420 (cheating and dishonesty), and cybercrime provisions.
No official estimate has been released yet for total losses nationwide, but the case has raised concern among authorities about the growing sophistication of online investment frauds targeting even experienced retirees.