Surat CA Loses ₹9 Lakh in Online Investment Scam

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Surat CA Loses ₹9 Lakh in Online Investment Scam

| Updated: February 16, 2024 16:24

Surat CA Loses ₹9 Lakh in Online Investment

Surat: A chartered accountant (CA) from Vesu, Surat, fell victim to a cybercrime, losing a staggering ₹9.3 lakh to a fraudulent website that lured him with promises of high returns in stock market investments. The incident highlights the growing sophistication of cybercriminals who are increasingly targeting even financially savvy individuals.

Nikunj Tulshyan, 26, reported to the police that he saw an advertisement on a micro-blogging platform in October 2023 promising lucrative returns with minimal investment in the stock market. He clicked on the “WhatsApp” option provided in the ad, leading him to an online group named “501 Indian Stock Market Professionals.”

The group, seemingly credible with 123 members and four admins named Jyoti Shares, Amit Kumar, Jyoti, and Rajiv Mehta, offered investment advice and shared a link for creating a trading ID and password. Trusting the group’s legitimacy, Tulshyan created an account and started investing, observing reflected profits in his virtual wallet within the group.

Initially, he was allowed to withdraw a small amount after deductions, further bolstering his confidence. However, as his investments grew to ₹9.4 lakh across 19 transactions over a month, attempts to withdraw the accumulated ₹15.79 lakh (including profits) were denied. Realizing the scam, Tulshyan reported the incident to the cyber helpline on November 24th, 2023.

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