Chartered Accountant loses over Rs 1.97 cr in online stock market fraud
By: Admin
May 18, 2024
Categories: CA|News
4 Min Read
A probe has been launched after a retired 88-year-old Chartered Accountant in Ahmedabad lost Rs 1.97 crore in an alleged stock trading cyber fraud, police said.
According to Madhukant Patel’s complaint filed at the Ahmedabad cyber crime branch on May 14, he allegedly received a WhatsApp message from an unknown number around February first week from one Sunil Singhania based in Bengaluru. Singhania allegedly identified himself as an assistant of stock market expert Karanveer Dhillon.
Patel soon added himself to a WhatsApp group named ‘Stock Vanguard 150’, the link of which was shared by Singhania, and where he and Dhillon were giving stock recommendations, the complaint says.
Patel continued his correspondence with Singhania over WhatsApp and further added himself to more such groups, despite never speaking with him on call. According to the victim, he believed Singhania to be genuine as the groups had several people as its members who also endorsed that they are earning from the tips shared. Patel then decided to invest his money for which he was asked to log in a website — app.alicexa.com.
Between March 12 and April 25, he invested Rs 1.78 crore in shares through the website while following their buy-sell tips.
However, Patel got suspicious after Singhania suggested him to invest in the follow-on public offer (FPO) of Vodafone Idea promising high returns via the purportedly fraudulent website. But when the retired CA raised concerns, Singhania allegedly assured him that he won’t incur losses. Meanwhile, Patel’s investments showed returns as high as Rs 5 crore on the website.
The victim then requested Singhania to withdraw around Rs 1.71 crore. Singhania responded that the withdrawal will attract a 15 per cent tax. However, despite paying the said tax of Rs 18.70 lakh, Singhania refused the withdrawal claiming Patel had to pay another one per cent of the total investment. Patel, who knew that no such charge was levied on the withdrawal, then approached the Ahmedabad cyber crime branch.
The probe is going on and the police are yet to identify and apprehend the accused persons, investigating officer DB Patel said. An FIR has been filed against “unknown persons” under IPC sections 406 (criminal breach of trust), 419 (cheating by impersonation), 420 (cheating), 120B (criminal conspiracy) and under Information Technology Act section 66 (d) (using communication device to cheat by impersonation).
Source from: https://indianexpress.com/article/cities/ahmedabad/retired-ca-loses-over-rs-1-97-cr-in-online-stock-market-fraud-9333678/