Guwahati Man Falls Victim to Cyber Fraud, Loses Lakhs in Online Trading Scam

A resident of Guwahati has fallen victim to a cyber scam, losing Rs. 24.98 lakh through a fraudulent online trading platform. The scam, operating under the name "International Equity Fund" (IEF), promised high returns and was promoted via WhatsApp messages offering online trading opportunities. 

The scammers, posing as a government-approved platform, provided fake documents claiming to be authorized to operate in India, despite being based in the United States. Initially, the scam appeared credible, as the fraudsters offered genuine returns on small investments, encouraging victims to invest larger sums with promises of even higher profits.

The scammers enticed individuals with offers of 50% monthly returns on investments in high-value stocks. However, once the victims increased their investments, the fraudsters began making excuses to delay payouts and ultimately demanded advance tax payments before releasing any earnings.

Eventually, the fraudsters stopped communicating and claimed that the business had been shut down by the Indian government. The Guwahati resident, who lost approximately Rs. 25 lakh, is among many others nationwide who have been duped by this scheme. 

A complaint has been filed with the Cyber Crime Police Station in Guwahati, and investigations are underway.

Earlier, Assam police had issued warnings to the public to be cautious about online investment schemes and urged individuals to report any such fraudulent activities immediately.

Details of the Incident:

Date and Time of Incident: The fraudulent activity began on August 1, 2024, at 11:30 AM when the victim received an unsolicited WhatsApp message from a contact number promoting the "International Equity Fund," a so-called US-based organization claiming to operate in India.

Nature of the Fraud: The scammer initially contacted the victim via WhatsApp, introducing themselves as a representative of "International Equity Fund," an investment firm offering exclusive opportunities. They promised high returns by providing access to a "priority quota" for purchasing stocks and subscribing to Initial Public Offerings (IPOs) at significantly discounted prices.

Deceptive Learning Group and Link to Institutional Account: To build trust, the fraudster created a WhatsApp group called "IEF-No. 68 Premier Learning Group" and added the victim along with other individuals, claiming it was meant to educate them about stock market investments and IPO subscriptions. After several interactions, the fraudster provided a link to open an account with the "International Equity Fund," assuring the victim that it would grant access to priority stock-buying and IPO opportunities at discounted rates. Initially, the victim operated through a personal demat account with Zerodha, which the fraudster did not question.