Cyber fraud via fake trading platforms: Bengaluru businessman loses ₹7.54 lakh

Bengaluru

A Bengaluru-based businessman was duped of ₹7.54 lakh after being lured into investing through fake trading apps linked to dubious companies such as JM Finance, SMC Global Securities, and SBI Securities. The incident has raised serious concerns about the misuse of reputed financial brand names to commit fraud online.

According to the FIR filed at R R Nagar Police Station on July 3, 2025, Akash Patil (38), a resident of BHEL Layout, South Pattanaegra, received a WhatsApp message on March 18 from a number impersonating “Shruthi Bahety (Trading)”. The message contained a link to a trading group claiming to operate under JM Finance, which included over 130 participants.

The group admins shared links to apps and websites that mimicked legitimate trading platforms, showing promised returns of 8% on share investments. On March 13, 2025, Patil invested an initial sum of ₹10,000 through one such platform, seeing fabricated returns that encouraged further deposits.

Over several weeks, the complainant transferred ₹7,54,200 in multiple transactions to various bank accounts linked to the fraud, including:

• HDFC Bank
• IDFC First Bank
• Ujjivan Small Finance Bank

The scammers used IMPS and RTGS routes to receive funds between March 20 and May 26. After the payments, Patil was asked to pay even more money to withdraw profits. No returns were received.

The West CEN police have registered a case under Sections 66(C) of the IT Act and IPC Sections 418(4) and 419(2). Investigation is underway to identify those behind the impersonation of major finance brands and recover the lost funds.

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