Noida Businessman Loses Rs 9 Crore in Fake Trading App Scam After WhatsApp Stock Market Chats

WhatsApp Stock Market Scam

Rajat Bothra, a Sector 40 resident, was allegedly tricked into falling for the fraud after seeing stock market-related conversations on WhatsApp. Fraudsters impersonating financial consultants contacted the victim and lured them in with promises of profitable prospects. A 41-year-old Noida businessman lost an incredible Rs 9 crore to a fraudulent trading app scam, making him the most recent victim of a sophisticated cybercrime.


Rajat Bothra, a Sector 40 resident, was allegedly tricked into falling for the fraud after seeing stock market-related conversations on WhatsApp. Cybercriminals frequently use this strategy to take advantage of people's desire for potentially large rewards. Fraudsters impersonating financial consultants contacted the victim and lured them in with promises of profitable prospects.


One member of the club began with modest deposits after learning about the possibility of profiting from share market trading. He has invested Rs 9.09 crore in share trading by May 27. Upon attempting to extract his money, he realized the application was fraudulent and his funds were non-accessible. A businessman reported the crime to the Cyber Crime Police Station, and as a result, the account has been frozen with Rs 1.62 crore of the transacted funds. "Bothra was instructed to use this app to 'buy shares,' with the promise of multiple returns." Bothra started investing, albeit modestly at first. He had made an incredible investment of Rs 9.09 crore by May 27. He didn't realize he had been fooled until his trading account was abruptly stopped, according to the assistant commissioner of police (cybercrime).


In the May 31-filed FIR, Bothra stated that by May 27, he had used a bogus app to transfer a total of Rs 9.09 crore in 13 payments. Additionally, he mentioned that he reported the event online using the government's cybercrime webpage. According to the ACP, the probe showed that the stolen funds were moved to bank accounts throughout Rajasthan, Assam, Bhubaneswar, Haryana, and Chennai, among other places. Nikhil Kamath, a co-founder of Zerodha, recently alerted social media users to these scams and urged care. The government also warned the public to be on the lookout for fake adverts that deceive people into falling for scams, emphasizing the use of deepfake images and videos.

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