Online Investment Scam: Noida Businessman Loses Rs 1.15 Crore

A Noida-based businessman has fallen victim to an online investment scam, losing a substantial amount of Rs 1.15 crore. The scammer, posing as a certified financial analyst, promised high returns through fraudulent share market websites.

The victim, a resident of Sector 44 in Noida, was contacted by a woman named Rishita on January 27. She convinced him to invest through two websites: catalystgroupstar.com and pe.catamarketss.com. Both links redirected him to another portal, m.catamarketss.com, as reported by The Times of India.

The businessman made his initial investment of Rs 1 lakh from his sister’s account on January 31. A day later, he was notified of a profit of Rs 15,040, which he was able to withdraw, further cementing his trust in the scheme.

Encouraged by the initial gains, the complainant continued pouring funds into the scheme through February, investing a total of Rs 65 lakh across various accounts based on Rishita’s instructions. He was assured his total investment had grown to Rs 1.9 crore.

However, to withdraw the amount, he was told to first pay Rs 31.6 lakh as "taxes", which he deposited in early March. Later, the fraudsters demanded an additional Rs 18.6 lakh as a "conversion charge" with the promise of releasing his funds within 24 hours, reports said.

Despite multiple payments, the complainant received neither his investment nor the promised profits. Instead, the fraudsters demanded another Rs 40 lakh, at which point the businessman realised he had been scammed.

The victim has since filed a complaint with the National Crime Records Bureau and the Cyber Crime police. A case has been registered under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita (BNS) and Section 66D of the Information Technology Act.

Authorities are now investigating the case as incidents of online financial fraud continue to rise, targeting retail investors with promises of quick profits in stock market schemes.

Also read | Woman in Mumbai duped of Rs 2 crore in market trading fraud: Report

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Article Details

• Published On: Mar 21, 2025 at 09:30 AM IST

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