Two Greater Noida men duped of over ₹1 crore in separate investment frauds
Two Greater Noida-based men were allegedly duped of over ₹1 crore in total in two separate incidents by people who promised them huge returns on certain stock trades, said police on Wednesday, adding that separate cases of cheating were registered at the cybercrime branch police station.
₹52 lakh in share market trading fraud between December 4, 2024, and January 10, 2025, said police, adding that a case of cheating was registered against unidentified suspects. (Representational image)” title=”in the second incident, a 54-year-old man was allegedly duped to the tune of ₹52 lakh in share market trading fraud between December 4, 2024, and January 10, 2025, said police, adding that a case of cheating was registered against unidentified suspects. (Representational image)” />In the first incident, a 52-year-old man was allegedly contacted by fraudsters through Telegram app and ended up losing ₹53 lakh on the pretext of investing in the foreign exchange market (Forex trading) to earn a profit from April 2024 to November 2024, said police, adding that when the victim learned that he had been defrauded, he filed a complaint at the National Cybercrime Reporting Portal (NCRP) on January 1, and a case was registered at the Noida cybercrime branch on January 28.
In his complaint to police, the victim, a resident of NSG Society in Greater Noida, said, “In April last year, a woman from Bengaluru approached me through Telegram and after a week of discussion, she informed me about Forex trading.”
“She sent me a link to open an account for Forex trading, and I invested ₹41,500 on the first transaction. Later, when I refused to invest more, the woman pressured me to do so to earn a profit,” said the FIR.
Police said the suspect woman also invested in his portfolio to lure him and he ended up losing ₹53,65,765 in multiple payments between April and August 2024. The victim even went to Bengaluru to meet the woman to discuss investment related issues but she refused to meet him, citing illness.
Subsequently, on November 30, when the victim received a mail that his funds would be transferred to the Child Heart Organisation if he did not pay more, then he realised that he had fallen into a trap.
Later, the case was reported to the NCRP portal on January 1, 2025. “After an investigation, a case under section 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita and IT Act was registered at the cybercrime branch on Tuesday against an unidentified woman, and further investigation is underway.” said Ranjeet Kumar Singh, station house officer, cybercrime branch police station.
Meanwhile, in the second incident, a 54-year-old man was allegedly duped to the tune of ₹52 lakh in share market trading fraud between December 4, 2024, and January 10, 2025, said police, adding that a case of cheating was registered against unidentified suspects.
Police said the victim, who is an accountant by profession and a resident of Sector 16B in Bisrakh, Greater Noida, alleged in his complaint that on December 4, he received a message on Telegram. “Later, the suspects sent me a link on WhatsApp, and I was added to a group.” reads the FIR adding, “The admin of the WhatsApp group gave information about share market trading, and I deposited ₹52,50,000 in multiple transactions from December 4 to January 10.”
After the transactions, when suspects switched off their mobile phone numbers, the victim realised that he was duped, said SHO Singh, adding that a case under sections 318 and 319 of BNS and the IT Act was registered and further investigation is underway.
