A 50-year-old Bengaluru businessman, Mohit Goel, was defrauded of Rs 6.6 crore by scammers who contacted him via WhatsApp, enticing him with promises of high returns through an online stock trading scheme.
How the Scam Unfolded According to Goel’s complaint with the Central CEN Crime police, the fraud occurred between September 8 and October 23. This is reportedly one of the largest amounts lost in an online stock market scam reported from the city.
On September 8, Goel received a message from the number 8146030409 inviting him to join a WhatsApp group where members appeared to discuss their profits from a stock trading app called “ECAUSE-WAY.” The scammers used different numbers and identities, posing as satisfied users who shared fake screenshots of substantial profits credited to their accounts.
Influenced by Fake Success Stories Drawn in by the group’s claims, Goel joined online classes shared by the group to learn more about trading. Encouraged by initial returns credited to his bank account, he began investing in larger amounts. On September 9, Goel was added to a second WhatsApp group where additional numbers and others, continued to convince him to increase his investments.
Over the next few weeks, Goel invested Rs 6.6 crore, transferring funds from his bank account to 14 different accounts. The scammers displayed seemingly profitable returns to keep him engaged. However, when Goel attempted to withdraw his money, he was blocked and told he needed to pay additional charges, including taxes and processing fees, as per “company policy.” It was then that Goel realized he had been deceived.
Complaint Filed Under Cyber and Criminal Laws After realizing the scam, Goel contacted the cyber helpline and filed an official complaint on October 24. The police have registered a case under the Information Technology Act and sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS). A senior officer stated that while efforts are being made to freeze the stolen funds, much of the money appears to have been moved to other mule accounts.
