Cyber crooks duped Ludhiana investors of ₹70 cr in 2024

Ludhiana: As Punjab's commercial capital, this city has become a prime target for cybercriminals, with its residents losing an estimated ₹70 crore to investment fraud in 2024, going by what police officials have claimed. Dubbed the most affected district in the state, the city's business-centric population, known for investing heavily in stocks, has fallen prey to lucrative scams orchestrated through some online and mobile-phone apps that are popular tools for instant messaging.
Police data reveals that of the 8,500 cybercrime complaints filed in 2024, almost 30% involved financial losses linked to fraudulent investment schemes. In these cases, victims transferred money to fraudsters voluntarily, lured by promises of high returns.
Trust as trap
Inspector Jatinder Singh, station house officer (SHO) of the cybercrime police station, explained how no accounts had been hacked in these scams. Instead, victims were manipulated into depositing funds into personal accounts provided by fraudsters. "Greed for higher profits and trust in unknown individuals have led many to fall for these schemes," the police officer said.
Fraudsters accessed data of potential investors and contacted them through social media platforms, offering seemingly profitable tips. Victims were added to groups where associates of the fraudsters, posing as successful investors, shared fake testimonials about the profits they earned. Police have emphasised that victims often failed to verify the legitimacy of bank accounts or investment platforms. "Genuine stock investments require transactions through the official wallet of the respective company, not personal accounts," the SHO noted. In some cases, victims had downloaded counterfeit mobile apps to facilitate the fraud.
As Ludhiana continues to grapple with the rising tide of cybercrime, officials urge residents to exercise caution and verify all investment opportunities. "Awareness is the key to curbing such frauds," Singh said, emphasizing the need for vigilance to protect personal wealth.
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2024's Major Investment Frauds
>> Rashpal Singh, Model Town | Lost ₹4.35 crore after being lured by a messaging group that shares bogus investment tips. Initial profits led to larger investments, after which the fraudsters vanished.
Case status | On June 22, 2024, police booked Tanvi Sharma, Mander Pawar, Shivani S Qurin, Jyoti Sharma, Sharan Gupta, Bikram Patel, and Anjali Sharma.
>> Ashish Kalra, Pakhowal Road | Lost ₹55.33 lakh to a social-media-promoted investment group. Fraudsters operated through a messaging group, convincing Kalra to transfer funds into multiple accounts before disappearing.
Case status | On Sept 4, 2024, a case was registered against cyber fraudsters linked to messaging group ‘GS Faculty of Finance X-118'
>> Amit Kishor, PAU employee | Scammed out of ₹1.4 crore by fraudsters who froze his trading wallet when he refused further investments.
Case status | On Mar 22, 2024, FIR was lodged against Jonathan Simon, Marilena, AIP Shivan, Shaikh Sameer Rafik of Delhi's Pandav Road, Sabuj Charkrabotry of West Bengal, an unidentified owner of Prem Digital Service of Delhi's Jamia Nagar, along with Sonika Sachin Sawant and Sachin Gupta of Dombivali, Maharashtra.
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Police Advice
Dos
>> Verify the authenticity of investment platforms through the SEBI website
>> Confirm bank account details before transferring funds
Don'ts
>> Never trust investment advisors contacting you via any instant messaging app or social media
>> Avoid transferring money into personal accounts; use official wallets of investment companies
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