• Source:JND
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A man from Muvattupuzha, Kerala, has lost over Rs 52 lakh in a span of just two weeks after falling victim to a sophisticated stock trading scam that originated from a Facebook advertisement. The ad, which appeared to be endorsed by a reputed financial influencer, led him to a fraudulent WhatsApp group that promised massive returns through after-hours block trading.

The Facebook ad redirected the victim to a WhatsApp group named ‘Money Fi Tata Capital’. Soon after joining, he was approached by individuals posing as financial advisors. One woman introduced herself as Anushka De, while a man claimed to be someone named Jain. The scammers also shared a fake LinkedIn profile of a person named Rohit Malvankar, supposedly a Deputy Vice President at Tata Capital, to win his trust.

Under the pretext of investing in a lucrative bulk trading opportunity, the man was asked to transfer funds to an account under the name Data Tech Technology India Private Limited. Trusting the pitch, he made his first transfer of Rs 2 lakh on May 13. Encouraged by fabricated profit statements shared by the scammers, he made successive transfers over the following days.

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Between May 13 and May 31, he transferred money through 12 transactions, eventually sending a total of Rs 52.85 lakh. As the scammers kept promising even bigger profits, they pushed him to invest an additional Rs 80 lakh, claiming it would help him earn Rs 4 crore in three days by purchasing three lakh shares.

Growing suspicious of the rising demands, the victim sought advice from a chartered accountant. The expert quickly identified the red flags and confirmed the operation as a scam. When the victim refused to send more money, the scammers tried to settle for Rs 40 lakh. Realising he had been conned, the man finally reported the matter to the Muvattupuzha police.

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Muvattupuzha Police have launched an investigation and found that the money had been funneled into multiple accounts held by fake companies and individuals using false identities. Authorities are now working to trace the culprits behind this elaborate cyber fraud.