New Delhi [India], April 22 : A man from Southwest Delhi was defrauded of Rs 6.3 crore after falling prey to a fake share trading scam, Delhi Police said. The case has been registered with the Intelligence Fusion and Strategic Operations (IFSO) unit, and an investigation is currently underway.
According to the complaint filed by the victim, Azad Singh Dagar, the fraud began when he received a friend request on social media from a woman named Neha. She claimed to be a close friend of a mutual acquaintance, Neha introduced him to two business opportunities-- an electric vehicle manufacturing plant in Noida and an online trading platform for the stock market. She convinced him to invest in the stock market platform, promising high returns.
To gain his trust, the scammers provided Azad with a social media app channel where fake experts were available for investment advice and even shared a forged passport to enhance credibility.
Over a period of two months, Azad transferred a total of Rs 6,03,27,056 to various accounts provided by the scammers. When he attempted to withdraw his funds, he was asked to pay taxes and transaction fees.
Dagar grew suspicious when the investment channel was marked as fraudulent and his mutual friend denied knowing Neha. He subsequently filed a complaint through the cybercrime helpline. Based on his report, a case has been registered by IFSO, and further investigation is ongoing.
Earlier, the Delhi Police's Special Cell has registered an FIR in a cyber fraud case where a Delhi-based businessman was allegedly defrauded of over Rs 4.04 crore by an operator of a fraudulent WhatsApp group named "A5 Wealth Freedom" under the guise of stock market investment schemes.
According to the statement, the FIR was filed under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including Sections 318(4), 319(2), 61(2), and 3(5), following a complaint from Akshay Gupta, a resident of Delhi's Kirari Suleman Nagar.
Gupta claimed that he was lured into the fraudulent scheme with promises of high returns through "QIB trading" via a trading app named Galad Arab, allegedly linked to a Dubai-based firm, Galahad Securities Ltd.Gupta alleged that he was manipulated into transferring large sums of money to various bank accounts across India. The total amount swindled from him amounted to Rs. 4,04,50,000, spread across 27 transactions between February and March 2025.
As per the statement, the WhatsApp group, allegedly operated by Harry Singh and three other individuals, created a false sense of authenticity using fake profiles, market tips, and a counterfeit trading app interface.
Gupta stated that when he attempted to withdraw his earnings, which were shown as Rs. 26 crore on the app, he was coerced into paying additional sums under the pretext of government taxes and threats involving fabricated FBI claims.
The statement further added that the scam took place across various locations within Delhi and other parts of India through a coordinated cyber operation that spanned over three months, from January 1 to April 5, 2025.
The case was referred to the Intelligence Fusion and Strategic Operations (IFSO) unit for investigation. Preliminary enquiries confirmed fraudulent activity, prompting the Special Cell to take immediate action. The investigation is ongoing.