Haryana News: Elderly man duped of 19.75 lakh in trading scam in Panchkula

Panchkula: An elderly resident of Sector-12A, Panchkula, has fallen victim to a trading scam, losing a substantial amount of 19.75 lakh rupees. The Sector-12 Cyber Police Station has registered a case following the complaint.

According to the police, 77-year-old Ramesh Kumar reported that he was contacted by Master Trust Trading Company on April 4, 2024, regarding stock trading via an app. He received a link from Master Trust Customer Care to download the trading app and was instructed to open an account and deposit money into it.

Ramesh Kumar deposited a total of 19.75 lakh rupees into various accounts through the Master Trust app. Initially, he could see the gains and losses from his trades reflected in the app. However, when he attempted to withdraw his money, he was unable to do so. Realizing that he had been duped, Kumar filed a complaint on the cybercrime portal.

Cyber Police Station in-charge Lalit Kumar stated that an investigation has been initiated based on the complaint. The authorities are working to trace the perpetrators and recover the lost funds.

This incident serves as a stark reminder of the potential risks involved in online trading and the importance of verifying the authenticity of trading platforms before investing substantial amounts of money.