A case has been reported at the Avadi Police Station in Tamil Nadu, where a GST officer lost almost Rs. 39 lakhs in a fraudulent stock trading application.
Reetu | May 16, 2024 |
GST Official Loses Lakhs in Fake Trading App
A case has been reported in the Avadi Police Station in Tamil Nadu, where a Goods and Services Tax (GST) officer lost almost Rs.39 lakhs in a fraudulent stock trading application. The offenders were from Gujarat’s Anand District.
The Avadi Police identified that the scam, which largely targeted small-time business owners and farmers, also involved a GST official from Mangadu. This complex fraud featured a fraudulent trading app, social media manipulation, and intermediaries who used bank accounts obtained from unknowing victims. According to the authorities, over 90% of cybercrime complaints in Avadi are related to this scheme.
In early December 2023, the GST official fell victim to the scam after responding to an advertisement on a social media platform. A woman named Aditi contacted him and added him to the WhatsApp group ‘Ashish Shah’s Dalal Street Trading Champions: VIP-2’. The group members were convinced to download the CHE-SES app from a bogus website and subscribe to an IPO with shares valued at Rs.52 each.
The GST officer invested extensively in the scheme, purchasing 7,000 shares and making more investments totalling roughly Rs.39 lakh between December 13, 2023, to January 8, 2024. He sent money to several bank accounts and UPI IDs provided by the crooks. The bogus app displayed fictitious development of his investments, tricking him into believing his funds were expanding. He only discovered he had been tricked after attempting to withdraw his money.
Following the report to Avadi police’s central crime section, Commissioner K Shankar organized a specialist team led by a cybercrime investigator to conduct an investigation. The investigation led the police to Anand, Gujarat, where they apprehended Premaram, a 43-year-old Rajasthan native who had lived in Gujarat for 20 years. Premaram’s account received the initial Rs.5 lakh from the GST official.
Investors should correctly spend their money in authorized applications.
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Reetu is a Content Writer with 3+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM(Honrs.) Graduate.
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