Investigators in Noida have uncovered a widespread online investment scam using WhatsApp and Telegram to target victims with fake stock profits, leading to arrests and the seizure of illicit funds linked to a larger cybercrime operation across India.
Police in Noida have exposed what investigators say was a coordinated online investment fraud network that used the lure of fast profits in the stock market to cheat victims out of large sums. The case began with a complaint from Ramchander Yadav, who said he was added to a WhatsApp group called “Bull Market Dhan Club H10608” and persuaded by members posing as market and IPO experts to invest through a fake trading platform. According to TV9 Hindi, his initial deposits appeared to rise on screen, helping build trust before he transferred about 4.75 lakh rupees through UPI and net banking.
When Yadav tried to withdraw his money, the fraudsters allegedly demanded an additional 12 lakh rupees as a processing or withdrawal fee. That demand prompted him to alert police, who registered a case at Cyber Police Station Shahdara on April 1. His account fits a wider pattern seen in India’s online fraud cases, where criminals use messaging apps and staged profits to draw in victims before blocking withdrawals, as reported by The Times of India and NDTV in earlier investigations.
The money trail led police to a Central Bank of India account linked to Fusion Enterprises, where investigators said about 3.75 lakh rupees from Yadav’s loss landed. The account, opened in the names of Subrat Kumar Sahu and Santosh Kumar Lenka, had recorded transactions of roughly 2.97 crore rupees in just two months. Police later said the account was linked to 17 cyber fraud complaints across the country, suggesting it was being used to move illicit funds rather than serve a single scam. The Economic Times has reported that the Reserve Bank of India has been pressing for stronger cyber defences as digital payment fraud remains a major concern for banks.
Sahu has been arrested in Bhubaneswar, while officers continue to search for others tied to the network. During questioning, he allegedly said he arranged about seven bank accounts to disperse the stolen money and conceal its origin. Police also recovered a mobile phone and SIM card and said chat records on the device pointed to coordination with other suspects over accounts and transfers. According to TV9 Hindi, investigators are now examining travel records as well, after finding that Sahu and Lenka had flown to Guwahati together.
Police say the wider operation relied on social media, WhatsApp and Telegram groups to target people with promises of easy gains from stock market trading. Victims were first asked to invest small amounts, then shown fake profits on an app, and in some cases given small withdrawals to deepen their confidence. Once larger sums were transferred, the operators allegedly demanded more money under the guise of taxes, verification, compliance or withdrawal charges before cutting off contact. The pattern echoes other large-scale frauds uncovered in India, including a Bengaluru case reported by NDTV and government action against more than 100 fraud websites identified by the Ministry of Electronics and Information Technology.
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