Bengaluru Resident Loses Rs 80 Lakh in Sophisticated Online Trading Scam Through Fake App

A resident of Bengaluru has recently approached law enforcement after falling victim to a sophisticated online trading fraud, resulting in a devastating financial loss exceeding Rs 80 lakh.

According to the official police report, the victim, who holds an account with ICICI Bank, was initially contacted by representatives claiming to be from Aastha Credit & Securities Pvt. Ltd. through online channels. The individuals identified themselves as Aarav Gupta and Meena Joshi.

The deception began on September 17, when the victim was unexpectedly added to a WhatsApp group titled "9015 Aastha VIP Moksha Circle." Members of this group actively promoted a trading application called ACS Trade, making enticing claims about substantial stock market profits.

Convinced by these seemingly legitimate investment opportunities, the victim downloaded the recommended application and began transferring funds in multiple installments. Police records indicate that he first transferred Rs 34,55,492, followed by an additional Rs 21,80,000 through various online payment channels.

When the victim subsequently attempted to withdraw what he believed were his earnings, he was instructed to make further payments, described as necessary fees and charges. This led to an additional transfer of Rs 23,72,594.

In total, the victim transferred Rs 80,11,486 to numerous bank accounts provided by individuals he had never physically met. Tragically, neither his initial investment nor the promised returns were ever received.

Law enforcement authorities have registered a case and launched a comprehensive investigation into this fraudulent trading operation.