Gandhinagar businessman loses ₹13 lakh in fake UTI AMC stock investment scam

A 50-year-old businessman from Gandhinagar has alleged that he was cheated of ₹13.79 lakh by cyber fraudsters who posed as representatives of UTI Asset Management Company and lured him into investing in the stock market through WhatsApp groups and a fraudulent mobile application.

According to the Cyber Crime Police Station, Gandhinagar Range, the accused hatched a pre-planned conspiracy by creating a fake presence in the name of UTI Asset Management Company and advertising investment opportunities on Facebook.

Shaileshbhai Jayantilal Modi (50), a resident of Kudasan in Gandhinagar, stated in his complaint that he runs Panlaxmi Industries, a unit manufacturing submersible motor parts in Mansa. On June 16, while at his factory, he came across a Facebook advertisement purportedly offering stock market investment guidance under the banner of UTI AMC.

On clicking the link, Modi was added to a WhatsApp group titled 'C702 UTI Strategy Practice Camp', which had around 98 members.

The FIR states that screenshots showing purported profits earned by other investors were regularly posted in the group, and members were encouraged to invest in the stock market. The complainant was subsequently added to another WhatsApp group, 'VIP Group C99', where stock trading tips for buying and selling shares were shared.

Modi alleged that he was directed to download an application in the name of UTI AMC through a registration link. After installing the app, he created an ID and password and entered his personal and bank details. He was then instructed, through the ‘service’ section of the application, to transfer funds into various bank accounts to facilitate investments.

Between June 16 and July 22, he transferred a total of ₹13.79 lakh into multiple bank accounts held in the names of entities such as Sahil Enterprise (IDFC Bank), R S Enterprise (Bandhan Bank), Yash Traders (Bank of Baroda), Dozer Unique Technical Service Co (Bandhan Bank), and SSP Enterprise (Bank of Baroda).

To gain his confidence, the accused initially allowed him to withdraw ₹1,000. However, when he later attempted to withdraw the full invested amount along with the displayed gains, he was allegedly asked to deposit additional funds on various pretexts.

Realising that he had been duped, Modi registered a complaint on the Cyber Crime Helpline 1930 on August 2. The complaint was subsequently converted into an FIR at the Cyber Crime Police Station, Gandhinagar Range.

Police have registered offences under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act against the unidentified accused, including the administrators of the WhatsApp groups and the holders of the bank accounts into which the money was transferred.