Hyderabad professor loses Rs. 23.09 lakhs in online stock trading scam

Hyderabad: In yet another online scam, Hyderabad resident D Mukesh Kumar Tripathi fell victim to a WhatsApp-based stock market scam, losing over Rs. 23.09 lakh after being lured by promises of high returns.

Tripathi, an assistant professor in an engineering college and resident of Attapur, came across a WhatsApp group named "Angel Forum VIP Exchange Group 666" while browsing the internet. The group was advertised as a platform for stock investment. It was administered by Ashwini Jadhav and Harsha Sai, while other group members, including Ridham Desai and Bhagyashree, actively shared stock tips.

They encouraged Tripathi to open an "intuition account" for stable pre-market income. On September 25, 2024, Tripathi made an initial investment of Rs. 10,000. Encouraged by the daily profits displayed on the website and successful small withdrawals totaling Rs 49,703, he continued to invest.

Subsequently, he was persuaded to invest in the Pranik Logistics Limited IPO by purchasing 48,900 shares valued at Rs. 19.56 lakh. The fraudsters later promised him a Rs. 50 lakh loan for trading with a 12 percent profit charge. Tripathi's total profit was allegedly Rs 1.4 crore.

On November 4, 2024, after the IPO lock period ended, Tripathi attempted to withdraw his funds. However, the group demanded various payments, including a 12 percent loan profit charge, SEBI tax, and personal income tax. These included Rs. 8.6 lakh as a loan profit charge, Rs. 1.4 lakh for SEBI tax, and 10 percent of the withdrawal as personal income tax.

Despite making these payments totaling Rs 23.09 lakh, Tripathi could not withdraw his funds. When he questioned the group members, he was removed from the group. Realizing he had been defrauded, Tripathi filed a complaint with the Cyberabad police. The police have registered an FIR under case number 8263/2024 and are investigating the matter.