In accordance with The Instances of India, the sufferer, Sital Kumar of Sector 113, was contacted in April 2023 by three people claiming to be monetary advisors from E-Trades India Firm Non-public Restricted, which they mentioned was a subsidiary of worldwide funding financial institution Morgan Stanley. The suspects allegedly lured Kumar into investing giant sums over three months with guarantees of unusually excessive returns.
One of many accused, figuring out himself as Sanjay Sharma, held every day on-line periods in a WhatsApp group, sharing recommendations on inventory buying and selling, IPOs, and after-hours markets. Two others—Alyssa and Priyanka Singh—claimed to be his assistants and allegedly helped Kumar open a excessive net-worth particular person (HNI) account, later convincing him to improve to an ultra-HNI account for higher buying and selling alternatives.
Kumar mentioned he invested over Rs 1 crore by June 2024 earlier than rising suspicious when he was requested for more cash upon trying to withdraw funds. A go to to Morgan Stanley’s Mumbai workplace in July revealed the agency had no ties to the claimed subsidiary or the people concerned.
The sufferer filed a grievance on the Nationwide Cyber Crime Portal in November and approached the cybercrime department earlier this month. Authorities have registered a case underneath sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita and Part 66D of the Info Know-how Act. Police are investigating the cash path and verifying whether or not the funding platforms used have been respectable.
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