Ghaziabad: A 48-year-old man was allegedly cheated of nearly Rs 9 lakh by cyber fraudsters who lured him with promises of high returns through online share trading, police said. Arvind Kumar Singh, a resident of Bharat City in Ghaziabad, told police he had been unemployed and actively searching for work when he came across a Facebook advertisement purportedly linked to Axis Securities Limited. The advertisement featured a video of a man presented as a market expert, later identified as Naveen Kulkarni.According to Singh’s complaint, he looked up Kulkarni’s profile on LinkedIn and, convinced by its credentials, joined an online group operated in his name. Soon after, Singh was contacted on WhatsApp by a woman identifying herself as Suraksha, who claimed to be Kulkarni’s assistant. He was then added to a WhatsApp group called “AXIS Security,” which had around 150 members and several administrators using the names Suraksha and Naveen Kulkarni.Police said the group regularly shared stock market updates, trading tips and links to what appeared to be an online trading platform. Singh was asked to log in through the link to buy and sell shares, with transactions and profits seemingly reflected in his account dashboard.“Initially, I invested a small amount,” Singh said. “Other members appeared to be trading with large sums, which made the operation seem genuine and increased my confidence.” He said the administrators frequently issued buy-and-sell instructions through calls and messages, encouraging him to invest more.Over time, Singh transferred Rs 8.7 lakh to multiple bank accounts, believing the money was being used for share trading. The group also promoted a so-called “VIP group” for investors committing over Rs 50 lakh, promising higher returns and exclusive benefits.Trouble began when Singh attempted to withdraw Rs 8 lakh from his account. His request was cancelled, and his account balance was suddenly shown as negative Rs 13 lakh. When he questioned the discrepancy, he was told the additional trades had been executed “automatically by the system”.Singh alleged that he was then put under intense mental pressure to deposit more money and was threatened with penalties supposedly imposed by the Securities and Exchange Board of India. His attempts to contact other group administrators failed, leading him to suspect an organised scam. The WhatsApp group, he told police, remains active.Additional DCP (cyber) Piyush Kumar Singh said an FIR has been registered under BNS Section 318(4) for cheating and provisions of the Information Technology Act. “Investigation teams have been formed to trace the accused and the money trail,” he said.
