rewrite this title and make it good for SEONoida man duped of Rs 1 crore in WhatsApp-based stock trading scam

A 61-year-old Noida resident has reportedly lost more than Rs 1 crore in a stock trading scam operated through WhatsApp, where one of the fraudsters posed as a “professor” offering stock market advice.

According to The Times of India, the victim, Sital Kumar of Sector 113, was contacted in April 2023 by three individuals claiming to be financial advisors from E-Trades India Company Private Limited, which they said was a subsidiary of global investment bank Morgan Stanley. The suspects allegedly lured Kumar into investing large sums over three months with promises of unusually high returns.

One of the accused, identifying himself as Sanjay Sharma, held daily online sessions in a WhatsApp group, sharing tips on stock trading, IPOs, and after-hours markets. Two others—Alyssa and Priyanka Singh—claimed to be his assistants and allegedly helped Kumar open a high net-worth individual (HNI) account, later convincing him to upgrade to an ultra-HNI account for better trading opportunities.

Kumar said he invested over Rs 1 crore by June 2024 before growing suspicious when he was asked for more money upon attempting to withdraw funds. A visit to Morgan Stanley’s Mumbai office in July revealed the firm had no ties to the claimed subsidiary or the individuals involved.

The victim filed a complaint on the National Cyber Crime Portal in November and approached the cybercrime branch earlier this month. Authorities have registered a case under sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita and Section 66D of the Information Technology Act. Police are investigating the money trail and verifying whether the investment platforms used were legitimate.

Also read | Noida businessman duped of Rs 9 crore in WhatsApp trading scam: Report(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)