A Noida businessman fell victim to a fraudulent trading app scam and lost a staggering Rs 9 crore. Rajat Bothra, from Sector 40, was initially drawn into the scam through WhatsApp discussions about the stock market. Fraudsters posing as investment advisors allured him with the promise of lucrative opportunities.
Despite realizing the app was fake when he attempted to withdraw funds, Bothra had already invested a total of Rs 9.09 crore in 13 installments. As a result, a significant portion of the transacted funds has been frozen, and the case has been reported to the Cyber Crime police station.
The investigation uncovered that the duped money was transferred to bank accounts in various locations, including Chennai, Assam, Bhubaneswar, Haryana, and Rajasthan. In light of this incident, Zerodha co-founder Nikhil Kamath and government authorities have cautioned citizens about similar scams. The government emphasized the use of deep fake videos and images in fake advertisements as a tactic to trick individuals and advised the public to remain vigilant.