An alarming case of an internet investment scam has engulfed Sunil Kumar Bhargav, a 51-year-old businessman from Sector 12, Panchkula, whereby he lost ₹1.75 crore after some con artists posed as HDFC employees duped him. After realizing that he had been deceived; Bhargav who owns and operates an Ayurvedic medicine-producing pharmaceutical factory located in Kala Amb reported it to the government.
On July 5, Bhargav saw an advertisement on Facebook about investing in the stock market, which sparked the event. Intrigued, he clicked on the ad and subsequently received a WhatsApp link that added him to a group named “HDFC Securities official Stock A-72.” Misled by the use of HDFC in the group name, he believed the group was legitimate and expressed interest in investing in stocks.
Following this, Bhargav was instructed to contact a number that claimed to be an HDFC helpline. He was directed to download a mobile application, which he did, and an investment account was opened in his name. In a bid to seize this investment opportunity, Bhargav withdrew funds from his bank account, as well as from accounts belonging to his wife and son, ultimately investing around ₹1.75 crore.
Suspicion began to creep in when he noticed irregularities and decided to verify the legitimacy of the investment with HDFC Bank. To his shock, he discovered that he had fallen victim to a sophisticated scam, as the bank confirmed that no such investment account existed with them.
Bhargav lodged a case at the Cyber Crime Police Station in Sector 12, Panchkula, after learning of the disclosure. A complaint was filed by the authorities under many provisions of the Bharatiya Nyaya Sanhita (BNS), including allegations of fraud. To find the guilty parties and stop such occurrences in the future, the police are now looking into the matter.
This episode should serve as a clear warning to people to be wary of internet frauds, particularly ones that use reputable financial institutions’ names.
