Fake “AXIS Security” WhatsApp Group and Fabricated LinkedIn Profiles Used to Orchestrate ₹900,000 Share Trading Fraud

A cyber-enabled trading fraud has been registered in India after a 48-year-old investor lost approximately ₹900,000 through a fake online share trading platform promoted via social media. Investigators allege the operation impersonated a legitimate brokerage brand, used fabricated professional profiles to build credibility, and routed victim funds across multiple bank accounts while manipulating dashboard balances to simulate live market trading. Authorities have opened a formal criminal case and initiated financial tracing to identify the operators and freeze linked accounts.

Fraud Structure and Fund Diversion

According to the complaint, the victim was drawn in through a Facebook advertisement referencing Axis Securities Limited and featuring an alleged market expert named Naveen Kulkarni. After reviewing a LinkedIn profile that appeared authentic, he joined a WhatsApp group branded “AXIS Security,” administered by individuals using the names Kulkarni and “Suraksha.” The group circulated trading signals and links to a web-based platform that displayed real-time portfolio data and profit projections.

The victim initially deposited small amounts, observing apparent gains and active participation from other members, some claiming to trade large sums. Encouraged by repeated buy-and-sell instructions, he transferred roughly ₹870,000 to multiple beneficiary accounts. When he attempted to withdraw about ₹800,000, the request was cancelled and his dashboard reflected a sudden negative balance of approximately ₹1.3 million, allegedly due to “automatic system trades.” He was then pressured to deposit additional funds and warned of regulatory penalties under the Securities and Exchange Board framework. This staged-profit and forced-top-up model mirrors previously exposed trading app fraud structures. Fake Trading App Showing Fabricated Profits Before Blocking Withdrawals.

Enforcement Measures

Police have registered charges under Section 318(4) of the Bharatiya Nyaya Sanhita for cheating, along with provisions of the Information Technology Act. Cybercrime units are analyzing WhatsApp communications, beneficiary bank accounts, and digital payment trails to identify upstream controllers and potential mule account networks. Multi-State Mule Account Crackdown Targeting Investment Scam Networks.