A Gandhinagar-based entrepreneur has alleged that he lost Rs.13.79 lakh in a cyber fraud after being misled by individuals posing as representatives of UTI Asset Management Company and offering lucrative stock market investment opportunities through social media and messaging platforms.
The complaint, registered with the Cyber Crime Police Station, Gandhinagar Range, states that the fraudsters allegedly created a fake digital footprint using the name of UTI AMC and promoted investment schemes via Facebook advertisements. The accused are believed to have orchestrated a planned operation aimed at luring unsuspecting investors.
The complainant, Shaileshbhai Jayantilal Modi (50), resides in Kudasan, Gandhinagar, and operates Panlaxmi Industries, a unit in Mansa that manufactures submersible motor components.
According to his statement, the incident began on June 16 when he noticed a Facebook advertisement claiming to provide stock market guidance under the UTI AMC banner.
After clicking on the link in the advertisement, he was added to a WhatsApp group named “C702 UTI Strategy Practice Camp,” which had approximately 98 members. As per the FIR, the group frequently featured screenshots showing alleged profits earned by participants, creating an impression of successful investments and encouraging members to invest.
Subsequently, Modi was included in another WhatsApp group titled “VIP Group C99,” where trading recommendations related to buying and selling shares were circulated. He was then asked to download a mobile application purportedly linked to UTI AMC through a registration link shared with him.
After installing the app, he created login credentials and entered personal as well as banking information. Through a section labelled “service” on the application, he was instructed to transfer funds into specified bank accounts to enable stock market investments.
Between June 16 and July 22, Modi transferred a total of Rs. 13.79 lakh into multiple bank accounts. The FIR lists the recipient entities as Sahil Enterprise (IDFC Bank), R S Enterprise (Bandhan Bank), Yash Traders (Bank of Baroda), Dozer Unique Technical Service Co (Bandhan Bank), and SSP Enterprise (Bank of Baroda).
To build trust, the accused allegedly allowed him to withdraw Rs. 1,000 initially. However, when he later attempted to withdraw the full invested amount along with the profits reflected in the app, he was reportedly asked to deposit additional sums under various pretexts.
Realising that he had been deceived, Modi contacted the national Cyber Crime Helpline (1930) on August 2. The complaint was later converted into a formal FIR at the Gandhinagar Range Cyber Crime Police Station.
Police have booked unidentified persons under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. The case includes charges against the administrators of the WhatsApp groups and the holders of the bank accounts into which the funds were transferred. Investigations are currently underway to trace the accused and recover the money.
Also Read: Gujarat: Rs 2.07 Cr Returned To Cyber Fraud Victims Under ‘Tera Tujhko Arpan’ Project https://www.vibesofindia.com/gujarat-rs-2-07-cr-returned-to-cyber-fraud-victims-under-tera-tujhko-arpan-project/
