An 88-year-old retired CA from Vasana, Ahmedabad lost 1.93 crore by trusting an ingenuine scammer showing most unrealistic profit figure to the old man.
The scam came into play in March with a WhatsApp message from unsaved number that emerged on victim Madhukant Patel’s phone. The sender introduced himself as Sunil Singhania as an associate of stock market expert Karanvir Dhillon. Victim was invited by Singhania and made to join a WhatsApp Group named Stock Vanguard 150. Certain misrepresentations and fabrications pertaining to stock market and trading discussions started being percolated in the group that comprised other investors too.
Subsequently, the victim was added to another WhatsApp group called Vanguard (XM-5) comprising other investors who claimed of making huge profits by making investments as per advice of Singhania and Dhillon. Believing these claims, Patel started investing in stock market
The fakers persuaded Patel to log in to a website operated by them. It was called “app.alicexa.com”. The website appeared to be genuine containing various particulars about stock markets. Acting in good faith, the old CA started making small investments as guided by WhatsApp group profit makers. His investments reached up to 1.97 crores. It was till he became suspicious of Singhania who assured him that he could obtain shares even after closure of IPOs and buy shares on their website even when they tread high values. He was assured safety of his invested money.
But when Patel intended to withdraw 1.5 crores, he was told to pay tax up to 15% amounting to 18,70,000 which he paid. Later he was asked to pay 1% of total portfolio value that was evaluated to be 5 crores to be paid on scamsters fraudulent website. Understanding the financial foul play he fell a victim of, he lodged an F.I.R. with Ahmedabad cyber crime branch against unknown cyber offenders.
We intend to safeguard the financial situations of such victims at myarjuna.com. Our platform, myarjuna.com shall be the first halt that filters the authenticity of such loudmouth claims.
Source: The Economic Times
