64-Year-Old Mohali Man Loses Rs 1.5 Crore in Elaborate Facebook Investment Scam

A 64-year-old resident of Sector 71, Mohali, became the latest victim of a sophisticated cyber fraud after being lured through a fake Facebook investment advertisement. The scam cost him a staggering Rs 1.5 crore, highlighting the growing menace of digital financial crimes in India. The incident underscores how cybercriminals are using social media and professional-looking setups to deceive unsuspecting citizens.

How the Fraud Began

According to the complaint filed with the Cyber Crime Police, the victim, identified as Rajandeep Singh, came across a pop-up advertisement on his Facebook account on June 2. The ad promised lucrative investment returns under the brand names of well-known firms such as HDFC Securities Pvt Ltd and Upstox Pvt Ltd. Trusting the credibility of these names, Singh clicked on the link, which redirected him to a WhatsApp group titled “B-7 HDFC Market Navigation.”

Professional Setup by Scammers

The scammers went to great lengths to establish legitimacy. They operated with a professional structure, showcasing fake SEBI certificates, forged identity cards, and even impersonating company CEOs. These tactics were designed to create an impression of authenticity and gain Singh’s trust. By presenting themselves as financial experts, the fraudsters successfully convinced the victim to invest in their scheme.

Building Trust with Small Investments

Initially, Singh was persuaded to invest Rs 10,000. On a fake trading account created by the scammers, his money appeared to double, showing an apparent profit of Rs 20,000. This early success was staged to build his confidence in the scheme. Believing he had found a legitimate investment opportunity, Singh proceeded to invest larger sums over time.

Escalation of Investments

Encouraged by the fake profits, Singh made multiple transactions, investing Rs 71.34 lakh in one round and Rs 34.35 lakh in another. Each time, new trading IDs were generated where his money appeared to double, giving him the illusion of significant returns. However, in reality, the funds were being siphoned off into fraudulent accounts controlled by the scammers.

The Disappearance of Fraudsters

Once Singh had invested a total of Rs 1.5 crore, the scammers deleted all the fake accounts and trading IDs, vanishing without a trace. When Singh attempted to access his investment accounts, he found that they no longer existed. Realising he had been cheated, he approached the Cyber Crime Police and lodged a formal complaint.

Victim’s Statement

In his statement, Singh explained, “They first showed me double returns on Rs 10,000. That convinced me to invest more, but in the end, they vanished after taking all my money.” His experience highlights the psychological manipulation used by cybercriminals, who exploit trust by showing early gains before executing large-scale fraud.

Police Investigation Underway

Following Singh’s complaint, the Cyber Crime Police registered a case against two unidentified individuals under multiple sections of the Bharatiya Nyaya Sanhita (BNS) and Section 66C of the Information Technology Act. An investigating officer said, “The scam was executed in a highly organised manner using fake company names and professional tools. Similar investment fraud cases have surfaced in recent months.”

Advisory for Citizens

Authorities have issued an advisory urging citizens to remain cautious of online schemes that promise unusually high or instant returns. Experts recommend verifying the authenticity of investment opportunities through official websites of financial institutions or SEBI before making any monetary transactions. The police have also advised people to avoid clicking on random advertisements appearing on social media platforms.

Rising Trend of Investment Frauds

This incident is part of a growing trend where scammers exploit digital platforms to target potential investors. Cybercrime experts note that such scams are becoming increasingly professional, using social media, fake trading dashboards, and forged documents to appear genuine. With more people engaging in online investments, the need for vigilance has never been greater.