Mastermind Behind ₹64 Lakh Online Trading Scam Busted: Nainital Resident Duped in Fake Profit Scheme
Rudrapur – The Special Task Force (STF) of Kumaon has apprehended a man from Southwest New Delhi in connection with an online trading scam that defrauded a Nainital resident of ₹64.59 lakh. The accused, identified as 48-year-old Balbir Singh Negi, originally hails from Gairsain in Chamoli district, Uttarakhand.
The case came to light after the victim filed a complaint in August, reporting that he had been duped into investing in a fraudulent online trading scheme through a social media group. The scam revolved around a fake group named ‘BARCLAYS SIL (Securities India Limited)’ on a popular social media platform. Members of the group lured the victim into investing by showcasing fabricated screenshots of high returns.
The Scam Unfolds
According to Navneet Singh, Senior Superintendent of Police (SSP) of STF Kumaon, the victim was enticed by promises of substantial profits after joining the group in July. Cybercriminals within the group consistently sent fake profit screenshots to build trust and manipulate the victim into transferring money. Over time, the victim sent a total of ₹64.59 lakh to several bank accounts provided by the scammers.
Once the victim realized that the profits were a fabrication and that he had been scammed, he immediately approached the police. The investigation was handed over to Inspector Arun Kumar, head of the cyber crime unit. The team began tracing digital footprints, analyzing bank transactions, and collecting technical evidence to track down the culprit.
Arrest and Evidence
After conducting raids at various locations, the STF successfully identified and arrested Balbir Singh Negi as the mastermind behind the scam. Upon searching his premises, the police recovered key evidence, including a mobile phone, Aadhaar card, and PAN card, all of which were used in the crime.
SSP Singh confirmed that the investigation revealed Negi’s involvement in managing multiple fake accounts and dashboards that were designed to deceive victims with promises of high returns on investments. "The suspect had a well-organized setup and had collaborated with other cybercriminals to target unsuspecting individuals," Singh said.
Ongoing Investigations
The STF team is now expanding its investigation to other states, as complaints against Negi’s accounts have surfaced across multiple regions. Authorities are examining the extent of the scam and the network of cybercriminals involved.
This case underscores the growing threat of online trading scams, particularly those that exploit social media platforms to lure victims. Authorities have urged the public to exercise caution while engaging in online investment opportunities and to verify the legitimacy of trading platforms before transferring funds.
Negi’s arrest marks a significant breakthrough in the fight against cyber fraud, but the investigation is far from over. Law enforcement agencies continue to search for other accomplices involved in this case and are working to trace any additional victims who may have been deceived by this elaborate scheme.
As online trading scams become more sophisticated, the STF’s cyber crime unit remains vigilant in tracking down cybercriminals and protecting potential victims from similar frauds.