Bengaluru techie loses ₹1.3 crore in online trading scam after joining a Telegram group: Report

A Bengaluru man who is working as techie fell victim to an elaborate online stock market scam, losing over ₹1.4 crore to fraudsters who misused the name of an established brokerage platform, said a report in The Times of India. The victim was reportedly lured by promises of high returns after attending online training sessions on stock market investments.

Also Read - BJP is trying to politicise a suicide: Karnataka Priyank kharge on suicide of contractor

According to the report, the scam began when the victim was introduced to a Telegram group managed by a fraudster posing as a trading leader named Surendra Kumar Dubey. The group, which had about 60 members, appeared legitimate, with participants sharing screenshots of their supposed profits. Many of these members were later identified as imposters working for the fraudsters.

Following their advice, the techie opened a Demat account through a link provided by the group and made an initial investment of ₹10,000, which doubled within a week. Encouraged by the returns, he increased his investment, eventually amassing a profit of ₹1.4 crore.

To test the platform's credibility, he attempted to withdraw ₹85,036 and successfully received the amount. However, when he later tried to withdraw ₹20 lakh, his account was blocked. Shortly after, the fraudsters deleted the Telegram group and became untraceable.

Also Read - Two teens killed while performing a bike wheelie stunt on Bengaluru highway: Report

A case has been registered under the Information Technology Act and Bharatiya Nyaya Sanhita Section 318 (cheating). Police have launched an investigation to trace the perpetrators. Authorities have urged citizens to exercise caution while investing online and to verify the authenticity of platforms before committing funds.