Faridabad, March 18: A high-value online investment scam has left a Faridabad-based real estate dealer poorer by nearly ₹17 crore, with investigators uncovering a carefully planned fraud that unfolded over several months through digital manipulation and false promises of market gains.
Police said the 43-year-old man had recently liquidated a major land asset worth about ₹20 crore when he was approached with what appeared to be a lucrative investment opportunity. The contact was made via WhatsApp, where unknown individuals posed as financial advisors offering access to premium stock market and IPO investments.
Lured by assurances of high returns, the victim was persuaded to install a mobile application presented as an investment platform. Officials later found that the application was fake and designed to simulate profits in order to build trust and encourage further deposits.
Over time, the man transferred large amounts of money into multiple bank accounts provided by the fraudsters. Investigators revealed that funds were dispersed across dozens of accounts before being converted into Cryptocurrency and moved beyond the country’s financial system.
The deception remained undetected for months as the app continued to display steady growth in returns. The fraud surfaced only when the victim attempted to withdraw his investment and was unable to access the platform.
Suspects allegedly demanded additional payments under the guise of taxes and regulatory charges when he raised concerns. When he declined, all communication ceased, confirming his fears of being cheated.
Following the incident, a complaint was filed earlier this month, prompting the police to register a case under cheating provisions and launch a multi-state investigation.
Authorities have formed several teams to track the accused and are analysing transaction trails to identify those involved. Preliminary findings indicate that the operation may be linked to an organised cybercrime network targeting high-value individuals.
Officials have urged the public to remain cautious while dealing with unsolicited investment offers online, especially those promising unusually high returns through unverified platforms.
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