Director loses ?6.54 cr in shocking online stock trading scam

NT Correspondent Bengaluru: In a shocking incident, a 56-year-old director of a semiconductor manufacturing company lost ?6.54 crore in an online stock trading scam that promised a staggering 1,500 percent return. The victim, an active investor, had relied on information from the internet and YouTube for trading insights. The scam began when he received a WhatsApp message from an unknown number about online trading classes. He was added to a group called “NUUAMA ELITE GROUP” by an individual named Aniketh Nerkar, where classes on stock market investments were conducted.

Police investigations revealed that the investment tips provided in the group were manipulated to deceive Rohit (the victim). Testimonials from supposed successful investors were later found to be fabricated content aimed at luring more participants. The fraud escalated when Rohit received a link to a trading app, which he used to invest, believing he would earn substantial returns.

By October 14, he had transferred ?6.54 crore to 12 different bank accounts. Authorities noted that the app falsely showed significant returns on his initial public offering (IPO) investments. Investigators confirmed that all the bank accounts involved were "mule accounts" used to launder the funds. Efforts are underway to freeze the primary accounts and trace the money. This is one of the largest scams reported this year, following a similar case where a retired individual lost ?9.14 crore in a 'FedEx' scam.