Key Highlights
- A 56-year-old Panchkula resident lost ₹18.79 lakh to an online trading scam via fake app.
- Scammers lured him through WhatsApp, promising 10–20% daily returns via a fake Kotak-branded trading app.
A 56-year-old resident of Officer Transit Flats in Sector 12 lost ₹18.79 lakh due to cyber fraud, according to police. Jagminder Singh stated in his police complaint that he saw an online trading advertisement on Facebook that promised daily profits of 10% to 20%.
Aarti Bhalla, a woman posing as the assistant to a trading expert at Kotak Securities Limited, sent him a WhatsApp message after he posted his personal information online. He was added to a 150-person WhatsApp group where the topic of conversation was stock trading profits, along with daily buy and sell recommendations.
After a few days, Bhalla messaged Singh directly and shared a link to download an app called Kotak QIB, where he registered himself. On May 16, he transferred ₹50,000 to purchase shares. He paid an additional ₹10 lakh on May 18. On May 19, he sold his initial shares as instructed, resulting in a profit of ₹58,727 for the app. He invested ₹18.79 lakh, including ₹60,000 on May 19, ₹1.99 lakh on May 20, ₹1 lakh on May 22, ₹2 lakh on May 26, ₹70,000 on June 3, and ₹11 lakh on June 4. The app reported a total profit of ₹1.10 crore.
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On June 10, Singh attempted to withdraw ₹1.20 lakh for his son's marriage, but was unsuccessful. When he inquired, the fraudsters informed him that his entire invested amount was invested/pledged in IPOs and that attempting to withdraw it would constitute a breach of contract, resulting in a severe penalty. When Singh explained that he needed the money for his son's wedding, they demanded an additional ₹8 lakh to withdraw the entire amount.
He talked to his son about it and reported it to the police because he was broke. The cybercrime police station reports that an investigation is still underway and that a formal complaint has been filed.
