Bengaluru techie loses ₹2.94 crore in elaborate online stock trading scam

Bengaluru

A Bengaluru-based software engineer has been allegedly cheated of nearly ₹2.94 crore in a sophisticated online stock trading fraud operated through social media groups and fake trading applications.

The victim has approached the police, seeking action against the fraudsters who lured him with promises of extraordinarily high returns on investment. An FIR is registered at South East CEN police station.on January 15.

According to the police complaint, the software engineer joined a stock market-related online group in late November 2025 after being added to it by unknown persons. The group, which appeared professional and active, regularly shared trading tips and screenshots of high profits. One of the key accused, identified as Anil Goel, contacted the victim and introduced him to what was claimed to be an advanced trading platform linked to “95 trading” strategies.

After observing the group’s activity for several weeks, the victim was persuaded to invest ₹1.5 lakh initially. Within two days, the trading portal showed profits of over ₹7 lakh, which built confidence in the scheme. Encouraged by the displayed returns, the techie continued investing larger sums. By early January 2026, the fraudsters convinced him to invest even more by assuring returns of 200–240 per cent through so-called “premium trading plans”.

Between December 29, 2025, and January 19, 2026, the victim transferred money in multiple instalments to more than 30 different bank accounts belonging to various companies and entities. Police records show transactions ranging from ₹50,000 to as high as ₹38 lakh per transfer. In total, the amount siphoned off stood at ₹2,94,50,000.

When the victim attempted to withdraw the displayed profits, the accused began demanding additional payments citing taxes, service charges, and account verification fees. Eventually, all communication stopped, and no money was returned.

The complaint names several suspects and includes multiple mobile numbers allegedly used by the fraudsters. A case has been registered, and cybercrime police have launched an investigation to trace the accused and freeze the linked bank accounts.

Police have once again warned the public, especially professionals and tech workers, to be cautious of online investment groups promising unrealistically high returns.