₹13 Million Lost in Online Investment Scam Impersonating Reliance Capital Limited

A 53-year-old businessman and a 63-year-old retired employee have reportedly lost a combined ₹13 million in an elaborate online investment scam that impersonated Reliance Capital Limited, a major Indian financial services company.

According to a complaint filed with the East Division cybercrime police, the businessman received a WhatsApp message on July 17 from an unknown number, offering a “Primary Market Account Registration Form” under the name of Reliance Capital. He was encouraged to deposit ₹50,000 with the promise of high returns within 24 hours. After seeing a 5% profit the next day, he was persuaded by other group members to invest further.

Over the following weeks, he transferred large sums, believing he had been allotted tens of thousands of shares and shown profits exceeding 120%. Each time he attempted to withdraw, the scammers demanded additional payments—first for a shortage of Rs 35,01,000 for “the allotted 109824 shares”, then for a 15% brokerage and a 10% custodian fee.

In a similar case, a retired woman was added to a WhatsApp group called “Reliance User Exclusive Service” on July 2. She invested in what she believed were pull-up stocks and IPOs through a group named “Reliance Primary Market Limited.” After transferring ₹7.6 million, she was denied withdrawal unless she paid a 10% brokerage fee. When she requested the fee be deducted from her account, the scammers refused and pressured her to invest more.

BrokersView Reminds You

Fraudsters are increasingly using fake financial documents and impersonating well-known institutions to lure victims into fraudulent high-return schemes. BrokersView has flagged a fraudulent entity impersonating Reliance Capital.

In one recent case, an Ahmedabad couple lost over ₹10.8 million to a Telegram-based forex trading scam that posed as the legitimate broker GO Markets, enticing them with promises of lucrative returns from currency pair trades.

If you fell for a scam, you can Submit a Complaint to BrokersView.