Delhi Businessman Duped in Rs 4.04 Crore Stock Market Scam

A Delhi-based businessman was defrauded of over Rs 4.04 crore by a fraudulent WhatsApp group posing as investment guides. The scam, involving fake profiles and threats, spanned multiple regions across India. The Delhi Police's Special Cell is currently investigating the case, which involves complex cyber operations.

The Delhi Police's Special Cell has initiated an investigation into a cyber fraud case, where a businessman from Delhi was allegedly cheated out of more than Rs 4.04 crore. The scam was orchestrated by operators of a bogus WhatsApp group called 'A5 Wealth Freedom' under the pretense of lucrative stock market investment schemes.

According to the complaint, Akshay Gupta, a resident of Kirari Suleman Nagar in Delhi, was ensnared into the fraudulent scheme with promises of substantial returns from 'QIB trading' via an app called Galad Arab. This app was purportedly linked to Galahad Securities Ltd, a firm based in Dubai. Gupta claimed he was coerced into transferring significant amounts of money into various bank accounts spread across India. The scam drained a total of Rs. 4,04,50,000 from him over 27 transactions within February and March 2025.

Harry Singh and three others allegedly operated the WhatsApp group, creating false legitimacy with fake profiles, market tips, and a bogus trading app. Gupta reported being intimidated with further payments disguised as government taxes to retrieve his alleged earnings of Rs. 26 crore. The scam unfolded across multiple locations from January to April 2025, triggering an investigation by the Intelligence Fusion and Strategic Operations (IFSO) unit. The Special Cell has stepped up its actions following verification of the fraudulent acts, with further investigations ongoing.

(With inputs from agencies.)