Man Loses ₹29 Lakh in Online Trading Scam

Quick Summary

• A 40-year-old resident of Yousufguda lost ₹28,76,715 in an online trading and IPO investment fraud.
• He was first contacted via Facebook and added to a fake WhatsApp group named ‘F55 – Fortune Skye’.
• The group appeared genuine, with over 200 members and claims it was linked to SEBI-registered entities.
• Fraudsters initially showed profits on the platform but pressured the victim into further payments by allocating fake shares worth ₹25 lakh.
• When he tried to withdraw funds, he was asked to pay fees including an 18% withdrawal fee (₹3.11 lakh) and a 20% tax on top of that.
• A balance of ₹42,86,947 was falsely displayed on a fake trading app called RCL-PMA; withdrawal requests were blocked with threats.
• Investigators found that the operators controlled the WhatsApp group and posed as investors to deceive participants.
• Police have registered a case; investigations are ongoing.

Indian Opinion Analysis

This case highlights evolving tactics in online financial scams targeting individuals who invest via social media-linked groups. The use of supposedly professional platforms like ‘F55 – Fortune Skye’ alongside fabricated partial profits demonstrates how fraudsters build trust before exploiting victims. crucially, linking accounts to SEBI-registration claims suggests growing sophistication in such schemes aimed at creating false legitimacy.

For India’s broader cybersecurity landscape, this underscores urgent needs: strengthening public awareness campaigns about online frauds and ensuring stricter regulatory oversight for platforms impersonating legitimate entities. As the digital economy grows rapidly in India, cases like these serve as reminders for users-especially retail investors-to verify sources rigorously before investing through informal channels.

Read More: Published – September 06,2025