Retired Engineer Loses Entire Life Savings in Rs 71 Lakh Share Market Scam in Noida

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Noida, UP: In a shocking incident, a retired engineer from Sector-78, Noida, fell victim to a massive cyber scam, losing Rs 71 lakh while attempting to invest in the stock market. The fraudsters lured him with promises of quick profits and used a fake investment app to deceive him.

How the Scam Unfolded
Rakesh Jain, 80, a retired engineer, revealed that on October 1, he was contacted via social media by a woman named Pooja. Soon, they connected on WhatsApp, where Pooja persuaded him to invest in the stock market with the assurance of doubling or tripling his money in a short period.

Following her guidance, Rakesh was added to a WhatsApp group where he received “training” in stock trading. He was asked to download an app called Fires SNI, designed to look like a legitimate brokerage platform based in Bengaluru. The app offered special benefits for investing in IPOs, which encouraged Rakesh to invest repeatedly.

Initially, Rakesh received profits and even withdrew small amounts, which gave him confidence that his money was safe. Over time, motivated by the promise of high returns, he transferred over Rs 71 lakh in multiple installments.

Fraud Exposed
When Rakesh attempted to withdraw his principal amount along with profits, the scammers claimed he needed to pay various taxes and loan interests first. Eventually, he was removed from the WhatsApp group, and Pooja’s contact number was disconnected. Investigations later revealed that the other group members showing profits were also part of the fraud gang, created solely to convince him to invest more.

Police Action
Rakesh has lodged complaints with the local police and the NCRP portal. Additional DCP Shaivya Goyal confirmed that authorities are working with banks to freeze the accounts where the money was transferred. Some funds have already been frozen, while efforts continue to secure the remaining amounts, which are suspected to have been transferred to multiple rented accounts across the country.

The victim stated that he lost his entire lifetime savings in this scam, highlighting the growing threat of cyber frauds targeting senior citizens through fake investment schemes.