Fraudsters dupe wife of ex-IPS officer of ₹2.6 cr in fake stock mkt scheme

The woman stated in a police complaint that she received an unsolicited invitation on an instant messaging app in November last year offering huge profits through investments in the stock market

Cybercriminals have cheated the wife of a former Indian Police Service (IPS) officer of ₹2.58 crore after luring her into a fake stock market investment scheme that operated through an instant messaging app, police said.

 

According to the complaint, the woman received an unsolicited message in November 2025 inviting her to join an online group that promised unusually high returns through share market investments. As she was not well-versed with online trading platforms, she asked her husband to join the group on her behalf, which he did on November 29.

 

Soon after, a person identifying himself as Dinesh Singh began conducting what appeared to be structured investment “classes” in the group, sharing detailed and analytical messages. The content, described by the complainant as highly scholarly, built strong credibility among group members and gradually earned their trust.

 

The accused and his associates claimed that all trading would be conducted through a Securities and Exchange Board of India (SEBI)-registered entity and even shared copies of purported SEBI registration certificates in the group to appear legitimate.

 

Following these assurances, the woman opened a trading account in her husband’s name with his assistance. Under continuous inducement, she began transferring large sums of money, including funds raised by availing gold loans in both her name and her husband’s, specifically to participate in what was projected as a lucrative IPO opportunity.

 

During this period, her husband repeatedly cautioned her after noticing that the group provided different current account numbers across multiple banks almost daily, with accounts reportedly based in West Bengal, Assam, Bhubaneswar and Delhi—an arrangement inconsistent with legitimate brokerage operations. Despite these red flags, the complainant said the fraudsters continued to exert pressure to invest more money.

 

Her suspicions deepened after she independently searched online and found reports of similar investment frauds operating across India. Even after investing heavily, the group continued to demand additional funds in the name of subscribing to new IPOs.

 

On January 5, she managed to withdraw ₹10 lakh, which was credited through six smaller transactions, further reinforcing her doubts. To avoid alerting the fraudsters and in an attempt to recover more funds, she continued limited activity on the platform while preparing to approach the authorities.

 

In her complaint, the woman stated that the fraudsters, using multiple bank accounts and a carefully orchestrated plan, impersonated a reputed investment entity and cheated her of ₹2.58 crore. Based on the complaint, police registered an FIR on January 6 and have launched an investigation into the cyber fraud network involved.

 

Police have once again urged the public to exercise caution against unsolicited investment offers on messaging platforms, especially those promising guaranteed or unusually high returns.    With inputs from PTI