Ajmer Family Scammed ₹50.70 Lakh via BR Nova Fake Share Trading App

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The Scam in Ajmer

A family in Ajmer suffered a financial loss of ₹50.70 lakh after falling victim to a deceptive stock trading application named ‘BR Nova,’ following a staged initial payout of ₹1.08 lakh to establish credibility. A separate incident in Pushkar reported an unauthorized withdrawal of ₹7.80 lakh from a resident’s account, underscoring the escalating prevalence of digital financial fraud in the region.

The Fraudulent Scheme

The scheme involved targeted manipulation through fraudulent investment groups and the ‘BR Nova’ application, which falsely promised high returns. The primary victim, Varnika Singhal, a Foysagar Road resident with prior experience in stock market futures and options trading, was initially approached via an unsolicited call from an individual claiming to be Hardik Doshi. She was then enrolled into messaging groups such as ‘VIP Elite History Makers’ and ‘Elite VIP Group,’ where participants shared fabricated claims of substantial daily stock market gains.

Transactions and Escalation

To facilitate transactions, fraudsters directed Singhal to deposit funds into the scheme’s accounts. After receiving an initial payout of ₹1.08 lakh, she escalated her investments, transferring ₹7.50 lakh on July 16 and an additional ₹12.51 lakh on August 3. The digital platform’s interface displayed inflated paper profits, prompting her to involve family members, including her husband Archit Singhal, sister Kriti, and brother-in-law Nayan Garg. These relatives deposited ₹10 lakh and ₹8.40 lakh individually across multiple dates, culminating in a total of ₹50.70 lakh transferred to the fraudulent network.

The Pushkar Incident

In a parallel case, a Pushkar resident experienced an unauthorized withdrawal of ₹7.80 lakh from their bank account. Despite immediate efforts to freeze the transaction at a local branch, the funds had already been siphoned through rapid digital transfers. Investigators are examining transaction records to determine if the breach involved compromised UPI endpoints or automated IMPS payment gateways.

The Unraveling of the Fraud

The scam unraveled when the family requested withdrawals of their principal and purported earnings. Instead of processing the transactions, the perpetrators blocked access to the accounts and demanded additional fees labeled as processing charges and administrative clearances. Recognizing the fraudulent nature of the operation, the family reported the incident through the national cybercrime helpline 1930.

Cybercrime Authorities’ Response

Cybercrime authorities in Ajmer are collaborating with financial institutions to trace the movement of illicit funds and identify secondary account layers. Forensic teams are analyzing the ‘BR Nova’ application’s server infrastructure, IP routing logs, and communication channels to pinpoint the operators behind the investment fraud network.

Conclusion

The cases highlight the evolving tactics of cybercriminals in exploiting digital finance platforms and the critical need for heightened vigilance among users.