Indian Police Investigate Fake Trading App VTRADE After 21-Day Scam Stealing Nearly ₹1.2M
A 50-year-old bus approched the police and claimed that he fell victim to a stock scam, losing ₹1.195 million.
According to the complainant, Patel, he was added by a stranger to a WhatsApp group named "1816-Ventura Stock Investment Academy," where he was deceived by a fraudulent stock trading scheme.
It is reported that one administrator in the group introduced herself as Anahita Mehta, who operated the group alongside three other co-administrators. One account also labeled itself as "Ventura Customer Service."
Victim Patel told police that group members shared a download link for a trading application named "VTRADE," which appeared to be a legitimate stock trading platform.
Patel registered an account on VTRADE using his mobile number and traded stocks based on "recommendations" within the group. To reassure the victim about investing, the platform allegedly transferred ₹3,000 as "profits" to Patel's account.
Trusting the platform, the victim began depositing funds into bank accounts provided by administrators, ranging from ₹10,000 to ₹160,000. Within 21 days, Patel transferred a total of ₹1.195 million.
During this period, the victim could find his deposited amounts and purported trading profits through the VTRADE app. However, when he attempted to withdraw profits, the platform rejected his requests.
Instead, the platform further asked for "taxes", first ₹165,000, then escalating to ₹665,000. Patel grew increasingly suspicious and ultimately reported the matter to the police.
Authorities have launched an investigation, charging unidentified suspects with defrauding the individual through a fake WhatsApp group and the fraudulent trading app VTRADE.
BrokersView reminds you
Investors should exercise extreme caution regarding investment schemes promising lucrative returns in a short period. Such unrealistic promises often come with significant fraud risks, and cases where victims successfully recover losses are extremely rare.
To avoid financial losses, investors must invest with caution and steer clear of unregulated brokers.
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