A 43-year-old property dealer from Sector-15, Faridabad, was duped of a whopping ₹17 crore in an alleged investment fraud that spanned nearly seven and a half months, police said on Tuesday.
Investigators said the victim realised the fraud only when he attempted to withdraw his principal and profits amid falling stock markets due to the US-Iran war. He was unable to make withdrawals, and the suspects, who had posed as traders, became untraceable. He filed a complaint on March 11.
Officers said the victim had sold an acre of land along a national highway in August last year for around ₹20 crore. Soon after, he received a WhatsApp message offering investment in stock markets and IPOs with high returns. “The cyber fraudsters had made him download a phishing application on his mobile phone on the pretext of giving him access to control his investment and track the profits,” a senior police officer said.
Police said the app displayed fake profits, prompting the victim to transfer money into at least 38 bank accounts across the country. Investigators added that the accused later converted the funds into cryptocurrency and moved them out of India.
The fraud came to light last week when the victim could no longer access the app. When he contacted the suspects, they allegedly demanded additional payments, citing tax and GST deductions. Suspecting foul play, they refused, after which the accused switched off their phones.
Yashpal Yadav, public relations officer of Faridabad police, said, “Raids are going on at various locations for nabbing suspects.” At least 20 police teams have been formed to conduct raids across the country, officers added. An FIR has been registered against unknown suspects at the Cybercrime (Central) police station under section 318(4) (cheating and dishonestly inducing delivery of property).