The Inside Story of ₹97 Lakh Online Trading Scam: VIP Group, Fake Profits
The Inside Story of ₹97 Lakh Online Trading Scam: VIP Group, Fake Profits
A carefully planned internet trading scam employing a fake app called “R Gara” cost a 57-year-old chartered accountant from Mulund East, Mumbai, close to Rs 1 lakh. The case highlights the increasing danger of cybercrime networks taking advantage of technology and trust to deceive even people who are financially competent.
A Trusted Name and a Fake App: The Perfect Bait
Between October and November 2024, a seasoned chartered accountant who had lived in Mulund East for a long time was the victim of a fraudulent stock trading scheme that authorities characterized as a “highly organized and psychologically manipulative scam.”
The ordeal started on October 4, 2024, when the victim joined the ostensibly harmless WhatsApp group “Practice Proves Truth, R Gara.” With between 80 and 85 active members, the group gave the impression that it was genuine. It frequently discussed trading advice and advertised a trading platform that could be accessed by clicking on the website app.kerieds.com.
A number of group members, going by names including Arjun Hinduja, Ishani Mehta, and Sneha Bansal, each had a specific function to play: Mehta gave detailed trading guidance, while Hinduja presented himself as an authority “trading professor.” An extra layer of validity was added by the appearance of purported representatives from a “H18 RBL Customer Service Center.”
The victim downloaded the R Gara app, enrolled using his mobile number, and was quickly accepted into a VIP subgroup that offered “premium trading strategies,” all thanks to daily updates that demonstrated steady profits and professional communication.
Layered Deception: Consistent “Profits” and the Call for Bigger Investments
The CA moved Rs 97,24,500 into several bank accounts supplied by the group’s alleged customer support team in just 25 days, from October 4 to October 29, 2024. The funds were transferred in installments, with images demonstrating remarkable trading results inside the app’s ecosystem supporting each new “investment.”
The structure of the hoax was carefully layered:
- Initial trust was demonstrated to be bolstered by immediate little rewards.
- The app’s fake earnings display enticed users to make bigger bets.
- To entice larger financial commitments, exclusive IPO investment options were made available.
The victim’s resistance to pressure to contribute even more money for “IPO participation” was the last straw. His request to take back his current “profits” was categorically turned down. By the time suspicion sank in, the damage was already done.
The Long Road to Justice: A Delayed Realization, A Relentless Investigation
After realizing he had been duped, the CA filed a formal complaint (FIR) at the East Region Cyber Police Station in Mumbai on February 14, 2025, after first submitting an online complaint on January 5, 2025, using the national cybercrime reporting system.
The FIR demonstrates how scammers:
- Constructed a fictitious trading environment to mimic actual earnings,
- To hide the money trail, several bank accounts that changed often were used.
- Took advantage of the victim’s confidence in formal-sounding organizations and sense of professional pride.
The digital fingerprints left behind are currently being tracked down by authorities. The mobile numbers, IP addresses, and banking records linked to the scam ring are the main targets of investigators. The public has also been cautioned by authorities to be cautious of uninvited trading groups on chat apps.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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