Chandigarh, Aug 20: A 54-year-old pharmacy officer from Sector 4, Panchkula, has reported losing ₹14.16 lakh after being trapped in an elaborate stock market scam that operated through Instagram, WhatsApp, and a counterfeit trading application.
According to police, the victim, employed at the Haryana Home Guard and Civil Defence training institute in Moginand village, filed his complaint with the cybercrime wing on August 16. He alleged that fraudsters lured him into believing he was investing in legitimate stock market opportunities.
The scam reportedly began on July 14, when the officer came across an Instagram video posted by an individual identifying himself as Sagar Sinha. The video promoted unusually high returns on stock investments. “I was intrigued by the claims and joined a WhatsApp group called C-87 Motilal Oswal The Karma Classroom, where I was advised on trading,” the complainant stated.
Inside the group, the victim said, he was persuaded to download a trading application named Mofsl Max, which closely resembled a legitimate platform. Following the instructions of group administrators, he initially invested ₹1 lakh. Over the next several weeks, he transferred additional amounts, which eventually totaled ₹14.16 lakh.
To deepen the deception, the fraudsters allegedly fabricated an Initial Public Offering (IPO) for a company they called Shree Refrigeration. The fake IPO promised extraordinary profits and was used to convince the victim to deposit larger sums.
“When I refused to make further payments, the app suddenly went offline, and I realized I had been cheated,” he told police. He then approached cybercrime officials to register his case.
Police said they have lodged an FIR against unidentified persons under Sections 316(2), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita. “The matter is under investigation, and efforts are being made to trace those behind the fraud,” an officer mentioned.
The case adds to a series of recent complaints in which scammers have exploited social media platforms and counterfeit financial apps to target unsuspecting investors. Authorities have urged the public to verify the authenticity of trading applications and not to fall for promises of unusually high returns.
