Chandigarh resident loses Rs 1.4cr in online share trading fraud

Chandigarh: Online cheaters duped a city resident of Rs 1.4 crore on the pretext of providing high returns on online share trading. Based on the victim's statement, the cyber cell of UT police registered a cheating case against unknown persons and started a probe. No arrests have been made in the case so far.
In his complaint to the cyber police, Anupam Lal, a resident of Sector 24, stated that a group of highly trained individuals, well-versed in finance and the stock market, duped him under the name of JM Finance. The cheaters created a fake website for trading, asking people to open a PMS account where trading is supposedly preferential and fast. They falsely claimed the trading website belonged to JM Financial Company, headquartered in Mumbai.
The cheaters also created a WhatsApp group named W6 Stock Uptrend Club, with group admins Rohit Singh and Ishita Sawant. The group included 71 more members, some of whom were part of the fraud gang, and they instigated others to open a PMS account. Trusting them, the complainant opened a PMS account and started trading on their instructions. The cheaters asked him to top up their accounts for trading, instructing him to transfer funds into different bank accounts, falsely claiming them to be of JM Financial Services.
The victim claimed that he transferred a total of Rs 1.4 crore into different accounts between Aug 2024 and Dec 2024. However, after investing a high amount, the victim did not get any profit, and the cheaters kept demanding more money. After realising he was scammed, he filed a complaint at the cyber police station in Sector 17 and provided all the accounts into which he transferred money. After verifying the facts, the police registered a case against unknown persons and have been checking the accounts to get clues about the cheaters.