South Delhi man defrauded of over Rs16 lakh in online investment scam

New Delhi: A 36-year-old resident of south Delhi's Deoli alleged that he was defrauded of over Rs16 lakh in an online share market investment scam, in which fraudsters impersonated executives of a well-known brokerage firm and lured him into investing through a fake trading application.The man told police that he had come across a sponsored advertisement on social media in Jan last year under the name of a firm promising exceptionally high returns through over-the-counter stock trading. According to the FIR, after clicking the link, he was added to a social media group of around 160 members, where regular stock tips, profit screenshots and motivational lectures were shared by individuals who allegedly posed as the company's top executives, including its managing director, along with a woman introduced as his assistant.He was reportedly contacted in Feb through a video call and persuaded to register on a mobile application, which he claimed was falsely projected as a SEBI-regulated platform affiliated with the brokerage firm. He initially invested Rs49,000 and was allowed to withdraw a small amount, which, he told police, strengthened his trust in the platform.He alleged that he was later induced to invest larger sums for IPO allotments and trading and was asked to transfer money to multiple bank accounts. He further told police that he was pressured to arrange additional funds after being shown inflated share allotments, with claims that internal loans were extended to him. Between Feb and Mar, he allegedly transferred Rs16.2 lakh.On Mar 12, 2025, when the app reflected a balance of nearly Rs78 lakh, his withdrawal attempt failed as the account was frozen and he was allegedly asked to pay an undisclosed 20% commission upfront. He claimed that soon after, all communication with the representatives stopped.An FIR was registered at the cyber police station in South Delhi under Section 318 (cheating) of the BNS on Wednesday.