Man duped of Rs 27 lakh in online trading scam

A 38-year-old resident of Asif Nagar has lost Rs 27 lakh to an online trading fraud orchestrated through a sophisticated fake mobile application.

According to the police, the victim was initially attracted by an online trading page on Facebook. He was subsequently added to a WhatsApp group where administrators convinced him to invest by promising exceptionally high profits and sharing fraudulent screenshots of successful trades. The fraudsters instructed the victim to download a specific trading application named “ADVPMA.” The victim initially invested a small sum of Rs 10,000 to test the platform. Over time, he was manipulated into transferring a total of Rs 27,05,000. Although the application displayed a deceptive balance of Rs 81,69,600, including supposed profits, the victim was blocked when he attempted to withdraw his funds. Instead of allowing the withdrawal, the fraudsters demanded an additional Rs 50 lakh, claiming it was required for various clearances. It was at this stage that the victim realised he had been cheated and approached the authorities.

The Cyber Crime police have issued an advisory urging citizens to verify the authenticity of any trading platform, investment advisor, or agent before committing funds. Investors are advised to check for official registrations and licenses with the Securities and Exchange Board of India (SEBI) and to avoid any platforms promoted through unsolicited social media messages.

Police warned the public to remain cautious of “guaranteed” or “quick” returns, as legitimate investments always carry market risks. They reiterated that sensitive information including bank account numbers, OTPs, and UPI PINs should never be shared. Furthermore, citizens were reminded that genuine trading platforms do not demand extra money for taxes or withdrawal charges via personal transfers.