Ex-Serviceman duped of Rs 29.5L in investment scam

Times News NetworkChandigarh: Cyber cons duped a retired Colonel of Rs 29.4 lakh in an online investment scam. The complainant, retired Colonel Bharat Bhushan Sharma, 70, a resident of Sector 47, Chandigarh, said his pension was credited to his savings bank account maintained at SBI, Sector 31-C, Chandigarh.
In Aug and Nov 2025, unknown persons claiming to be representatives of IIFL Wealth Management (WM) and Ventura Securities Ltd, contacted the victim. Later, they added him to WhatsApp groups, where they claimed to be part of SEBI-registered investment firms dealing in Pre-IPO shares, block trades, and OTC deals.They provided website links, e-mails, and documents, assuring high returns on investments. The accused also shared fabricated profit screenshots and messages from supposed investors to gain his trust.Believing them, the complainant invested money gradually through various bank accounts provided by them. Initially, small withdrawals were allowed. Later, companies started allotting shares exceeding his available balance and demanded additional deposits before allowing withdrawal. They also insisted on advance payment of 30% profits towards brokerage and short-term capital gains, failing which withdrawals were blocked.In the case of Ventura Securities Ltd, after investing Rs 13.2 lakh, he was asked to deposit Rs 88.5 lakh. When he refused, he was blocked from their WhatsApp group and website on Jan 23, denying him access to his funds.On Jan 27, 2026, he received a cyber fraud alert from cyber awareness, Tamil Nadu, regarding a suspicious transaction of Rs 3 lakh. On Jan 29, the complainant visited the offices of Ventura Securities Ltd and IIFL Securities in Chandigarh and was officially informed that both the investments were fraudulent and had no connection with the genuine companies whose names and SEBI credentials were being misused. Further verification of the Mumbai office address of IIFL WM also revealed that no such office existed.The victim reported that he was duped of Rs 29.4 lakh. The complainant transferred the money through multiple transactions made between Dec 2025 and Jan 2026 via IMPS, NEFT, and RTGS to various beneficiary accounts. The complainant filed a complaint at the cyber police station in Sector 17 and provided all transaction details. Police registered a case against unknown persons. Further investigations are on. MSID:: 128674196 413 |