HSBC trading scam: Bengaluru man duped of ₹15.57 lakh in fake IPO investment scheme

Bengaluru

An online trading scam operating under the name “HSBC Primary Trading” has come to light after a Bengaluru resident filed complaint alleging he was cheated of ₹15.57 lakh through fake IPO and stock investment promises.

The Whitefield CEN police have registered First Information Report (FIR) on July 3 and commenced investigation. However, so far there was no breakthrough in the case.

According to the complaint, the victim was contacted by a woman named Priya Sharma who introduced herself as an “opportunity creator” linked to HSBC Primary Trading and a mobile trading platform called “Investing Block Trading and IPO Stocks.” She used phone numbers +91 7048247113, +91 8735956104, and +91 9724541570 to communicate with the complainant and directed him to install a mobile app via a Google Play Store link.

Believing the platform to be genuine, the victim began investing in February 2025. He transferred money in multiple transactions via NEFT, RTGS, and IMPS to various bank accounts, including Axis Bank, HDFC Bank, IDFC Bank , IDFC First Bank, Bandhan Bank and IndusInd Bank.

The largest transaction—₹15.52 lakh—was made to a single Axis Bank account. The scammers claimed the money was being invested in IPO stocks with guaranteed returns. When the victim tried to withdraw his money, he was asked to pay an additional ₹5,000 as processing fees, which he also paid. However, the funds were never returned.

The complaint led to the registration of an FIR under Crime No. 370/2025 at the relevant police station. The case has been booked under Section 66(D) of the IT Act and Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS).

Authorities have begun investigating the case and efforts are on to trace the suspects and freeze the identified bank accounts.

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