Retd professor learns ₹1.8cr lesson after e-trading fraud

Retd professor learns ₹1.8cr lesson after e-trading fraud

 Ahmed.Ali@timesofindia.com 29.09.2024

 Mumbai : The cyber police in the city solved a case of online fraud and arrested two businessmen from Gujarat, in which a retired professor was deceived into investing in the stock market. The fraudsters persuaded the professor to join a ‘VIP Privilege WhatsApp group’, where they demonstrated a substantial profit of 30%, encouraging her to invest a total of Rs 1.80 crore. The North Region Cyber Cell has apprehended two businessmen, Gujan Baisania (36) and Saurabhkumar Sanghani from Gujarat, who had provided their bank accounts to the fraudster gang in exchange for a percentage of profits. 

Baisania and Sanghani run chemical and cosmetic manufacturing units in Gujarat. DCP Datta Nalawade and senior inspector Suvarna Shinde of North Region Cyber Cell said they have frozen the account of Sanghani, which has an amount of Rs 58 lakh. The gang had used these businessmen’s accounts to commit 33 offences in India, amounting to a sum of more than Rs 25 crore. The case came to light after a 71-year-old who retired from her position as a professor and lives on her pension encountered the scammers in Feb 2024 through an advertisement on Facebook  related to share market investment. 

She joined a WhatsApp group named ICICI Securities VIP 11, which was managed by an individual posing as CIO Rajiv Ambani. The group, which had around 65 members, appeared to be legitimate, even showcasing daily trading tips and profits from group members. Rajiv Ambani claimed to be a stock market analyst with 40 years of experience and assured group members they could profit from his trading advice. He charged a monthly fee of Rs 1,000 to provide investment tips. The complainant transferred this amount to a bank account provided by Ambani and received trading tips. Later, Ambani convinced the complainant to open an institutional share trading account that would supposedly yield a 30% profit.

His assistant, Laxmi, helped her download two fraudulent apps, MXICICER and EICICRE, which were designed to mimic the layout of genuine trading platforms. Under their influence, the complainant invested large sums from March to April 2024, with total investment of Rs 1.80 crore. To her shock, when she tried to withdraw the displayed profit of Rs 20.50 crore, she was asked to pay additional taxes. 

At this point, she realised she had been duped and filed a complaint with the cyber police. A case has been registered. “She has provided evidence of the scam, including screenshots of the fake apps, bank transactions, and her conversations with the fraudsters on WhatsApp. We are working to track down Rajiv Ambani, Laxmi, and others involved and the creators of the fraudulent apps,” said investigating officer Kiran Aher. Police have urged the public to be cautious of such scams and to verify before investing any money.