Accused promise Bhandup-based man over 100 per cent returns via fake trading scheme, force multiple transfers to third-party accounts
The victim was asked to download a fake trading app that showed dummy profits. Representation pic/istock
A 49-year-old Bhandup-based business consultant was allegedly cheated of Rs 7.10 lakh after being lured into a fraudulent WhatsApp trading scheme called the ‘Aishwarya Plan’, which promised over 100 per cent returns with zero brokerage.
The victim, an active online trader, was first contacted on October 28 by a woman who claimed to represent a reputed brokerage. He was added to a WhatsApp group and asked to download a fake trading app that showed dummy profits to build his confidence.
Between November 7 and November 25, he was repeatedly asked to “recharge” his trading account by transferring money to multiple third-party bank accounts for share trading and a fake IPO allotment.
In total, he transferred Rs 7.10 lakh to at least five different accounts under various firm names. To strengthen credibility, the fraudsters initially allowed him to withdraw Rs 15,920. However, his request for a larger withdrawal was blocked, citing a low in-app “credit score”.
The FIR names nine accused, identified through different mobile numbers and bank accounts. The victim later filed a complaint with the Kanjurmarg police and approached the 1930 cyber helpline.
Red flags for investors
>> Guaranteed high returns
>> Trading through WhatsApp groups
>> Requests to recharge funds
>> Multiple third-party bank accounts
>> Easy profits shown, big withdrawals blocked
>> Pressure to invest in exclusive IPOs
Check SEBI’s guidelines
>> The ‘Aishwarya Plan’ is not SEBI-registered.
>> Police say the name was only used to make the scheme appear premium.
>> SEBI warns against WhatsApp tips, guaranteed returns, or unregistered apps.
>> Verify brokers only through SEBI’s official website.
Where to complain
National Cyber Crime
Helpline: 1930
Website: cybercrime.gov.in
Oct 28
Day victim first came in contact with scamsters
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