Greater Noida, May 28: A 56-year-old man, Roopam Gupta, has fallen victim to cyber fraud amounting to ₹48 lakhs in the ATS Dolce Society area of Greater Noida. The fraudsters lured him with promises of substantial profits from share trading and IPO investments. Gupta has filed a complaint with the Cyber Crime Department in Sector 36, prompting an investigation by the police.
According to Gupta, he was contacted via Instagram in April 2026. Initially, the scammers engaged him in conversations, assuring him of significant earnings in the stock market and Qualified Institutional Buyer (QIB) trading. On April 29, he was added to a WhatsApp group where alleged training on trading and investments was provided.
The complaint states that the WhatsApp group had around 244 members. The group admin, who identified himself as Rajesh Ahir, contacted Gupta using a foreign number. Subsequently, a second group named “Investment Club Training Internship Group” was created, focusing on enticing investors into IPOs and share trading. The fraudsters gained Gupta’s trust by showcasing fake profits from initial investments.
Roopam Gupta invested ₹2.2 lakhs in an IPO called “Bagmane Rate,” where he was shown purported profits. Following this, he was pressured to invest heavily in another IPO named “Goldline Pharmaceuticals.” Gradually, he transferred funds to various bank accounts.
In his complaint, Gupta revealed that between April 29 and May 18, he transferred approximately ₹47.9 lakhs from his ICICI Bank account to different accounts, including Kotak Mahindra Bank, IndusInd Bank, Karur Vysya Bank, Catholic Syrian Bank, and the State Bank of Mauritius. When he attempted to withdraw his investment and profits, the fraudsters demanded more money under the pretext of taxes, pending payments, and additional share allotments.
It was during this time that Gupta realized he had been scammed. He noted that the company was repeatedly claiming to issue new shares, which is not typical in a standard IPO process. Consequently, he filed an online complaint on the National Cyber Crime Portal on May 19, and an FIR was registered at the Cyber Crime Police Station on May 25.
The police have initiated an investigation, examining the relevant bank accounts, WhatsApp numbers, and digital transactions. Cyber experts warn that investment scams through social media and WhatsApp groups are on the rise. They advise the public to refrain from trusting any trading platforms, IPO schemes, or investment proposals from foreign numbers without proper verification.
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