Seven Arrested! Indian Software Engineer Loses ₹2,200,000 Online Investment Scam

On Thursday, Indian police arrested seven suspects allegedly involved in an investment scam. The victim, a software engineer from Delhi, reportedly lost at least ₹2,200,000 in the scam.

According to The Hindu, victim Mukesh Kumar came across an online trading advertisement earlier this year. After clicking the ad, he joined a WhatsApp group where members gained his trust through fabricated success stories, convincing him to invest substantial sums in fraudulent investment scheme.

Persuaded by these individuals, Kumar invested millions of rupees but failed to receive promised returns. Ultimately, he lost contact with them and decided to report the matter to local police.

Police disclosed that the case is linked to an international online trading fraud syndicate operating across Malaysia and India. The scammers mislead investors by using the logo and name of a legitimate trading company alongside fake software and websites. The WhatsApp account Kumar contacted had also been involved in another scam opetrated in Malaysia.

The seven suspects arrested by police include Atul Kumar, Prashant Singh, and Bhavesh Kumar Khan, who have been remanded into judicial custody. Meanwhile, the authorities are pursuing the whereabouts of other accomplices.

During the operation, police seized 10 mobile phones, 14 SIM cards, 17 debit cards, one laptop, three Indian tax cards, five checkbooks, six passbooks, along with other documents. Additionally, authorities froze seven related bank accounts, including those containing ₹858,000 belonging to the victim Kumar.

BrokersView reminds you

All investors are advised to verify the licenses of trading platforms and financial firms to ensure that they are authorized by local financial regulators before making any investment decisions. Unauthorized financial activities often carry a high risk of investment scam.

If you would like to find out the regulatory status of a trading platform, you can search for the platform's name in BrokersView.