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GST Official Falls Victim to Fake Stock Trading App Scam, Loses Lakhs

Last updated: 16 May 2024


In a startling revelation, the Avadi police uncovered a sophisticated fraud scheme orchestrated by tech-savvy criminals, leaving a trail of duped investors across the country. Their modus operandi, involving a concoction of social media allure, a deceptive stock trading app, and unsuspecting agents, has resulted in financial losses amounting to crores of rupees.

The Avadi police's central crime branch, under the leadership of Commissioner K Shankar, unraveled the intricate web of deceit after receiving a flurry of complaints, with nearly 90% of cybercrime grievances in the city linked to this scam.

The saga began innocuously enough for Manoranjan Kumar, a 35-year-old GST official from Mangadu, who stumbled upon an enticing advertisement on a social media platform. Seduced by promises of quick riches, he was lured into a WhatsApp group named ‘Ashish Shah's Dalal Street Trading Champions: VIP-2,’ managed by a mysterious figure named Aditi.

GST Official Falls Victim to Fake Stock Trading App Scam, Loses Lakhs

Under Aditi's guidance, Manoranjan and 20 other group members were directed to download CHE-SES, an app supposedly facilitating lucrative stock trading opportunities. Succumbing to the allure, Manoranjan invested nearly ₹39 lakh in various companies, only to realize later that he had fallen victim to a meticulously crafted fraud.

The Avadi police, marshaling their cybercrime expertise, meticulously tracked the money trail, leading them to Anand district in Gujarat. There, they apprehended Premaram, a 43-year-old Rajasthan native operating as a cog in the fraud machinery. Premaram's involvement shed light on the international dimension of the operation, with the main orchestrators operating from abroad.

Premaram's arrest revealed a disturbing trend where agents, often exploiting dormant bank accounts or those belonging to unsuspecting farmers and traders, facilitated the movement of illicit funds. Despite warnings from authorities, individuals like Premaram continued to aid in the exploitation of innocent investors for personal gain.

In the wake of this revelation, the Avadi police issued a stern warning, urging investors to exercise caution and refrain from engaging with unauthorized stock trading applications. They emphasized the importance of conducting transactions through authorized channels, underscoring the need for vigilance in an increasingly digitized financial landscape.

As the authorities continue to crack down on such fraudulent schemes, the case serves as a sobering reminder of the perils lurking in the digital realm and the necessity for enhanced awareness and regulatory measures to safeguard investors from falling prey to such scams.

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Category GST   Report

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