Facebook Investment Ad Turns Into ₹73 Lakh Scam: Fake Stock and IPO Profits Used to Trap Investor
Cyber Fraud Alert: An online advertisement promising attractive returns from stock market and IPO investments allegedly turned into a massive financial loss for a man from the Jagraon area of Ludhiana. According to the report, cyber fraudsters convinced Balwinder Singh to transfer a total of ₹73.25 lakh to multiple bank accounts after showing him what appeared to be rapidly growing investment profits.
The alleged scam began when Singh came across an investment advertisement on Facebook. The fraudsters reportedly misused the name of financial services platform ET Money to make their operation appear genuine and gain the victim's confidence.
After the money was transferred, an allegedly fake application or account displayed substantial profits. Trouble began when Singh attempted to withdraw his investment and the returns shown on the platform. Instead of releasing the money, the people operating the scheme allegedly began making excuses and delaying the withdrawal.
After realising that neither his original investment nor the supposed profits were being returned, Singh approached the police.
Investment Scam Reportedly Started With a Facebook Ad
According to the report, Singh, a resident of Mandi Mullanpur, came across an attractive advertisement on Facebook related to investments in the stock market and initial public offerings (IPOs).
The advertisement allegedly appeared to be associated with ET Money, giving the investment offer an appearance of credibility.
After Singh clicked on the advertisement, the people behind the operation reportedly contacted him. They then began a process designed to make the investment opportunity appear legitimate.
The fraudsters allegedly created an ID using his mobile details and gave the impression that an investment account was being opened through an official financial platform.
Once the victim was convinced that the setup was genuine, the next stage of the alleged fraud began.
Promise of Quick Stock Market and IPO Profits
The people operating the scheme allegedly told Singh that investing in stocks and newly launched IPOs could generate substantial returns within a relatively short period.
The promise of multiplying his investment persuaded him to continue putting money into the scheme.
Instead of asking him to make payments through a recognised investment platform, the accused reportedly provided details of different bank accounts and instructed him to transfer funds into them.
Trusting the investment arrangement, Singh allegedly transferred money in multiple instalments.
By the time the transfers stopped, the total amount sent had reached approximately ₹73.25 lakh.
Fake App Allegedly Displayed Huge Investment Gains
One of the techniques reportedly used to keep the victim engaged was displaying profits on an application or investment ID controlled by the fraudsters.
After Singh transferred the money, the platform allegedly began showing substantial gains on his investments.
Seeing the portfolio apparently increase in value could have reinforced the impression that the investment strategy was working.
However, numbers displayed on an investment dashboard do not represent genuine returns unless the platform, account and underlying investments are legitimate.
The problem became apparent when Singh attempted to withdraw the money.
Withdrawal Request Exposed the Alleged Fraud
After seeing significant profits displayed in the account, Singh reportedly asked to withdraw both his original investment and the gains.
Instead of processing the withdrawal, the accused allegedly began delaying the payment and giving different excuses.
Singh waited for the funds to reach his bank account, but no payment arrived.
As time passed without receiving either his principal or the supposed investment returns, he became suspicious that the entire investment operation might have been fraudulent.
He subsequently contacted the police and submitted a written complaint.
Police Examine Bank Accounts and Digital Transactions
Following the complaint, cybercrime police reportedly began examining the financial and digital trail associated with the case.
Cyber Crime Police Station in-charge Kirandeep Kaur and ASI Jagroop Singh said that investigators conducted a preliminary examination of bank accounts, digital transactions and mobile numbers allegedly connected with the operation.
After the initial investigation supported the allegations in the complaint, police registered an FIR against accused persons reportedly linked to four different states.
The case is now being investigated further to determine how the money moved after leaving the victim's accounts.
Investigators Tracing Where ₹73.25 Lakh Went
A major part of the investigation involves identifying the accounts into which the money was transferred and tracing what happened to it afterwards.
Police are reportedly examining banking records to determine where the ₹73.25 lakh was ultimately sent, whether the funds were withdrawn through ATMs or other channels, and the cities from which withdrawals may have been made.
Investigators are also trying to identify other individuals who may be connected with the alleged interstate cybercrime network.
The named accused have reportedly been booked under provisions relating to fraud, breach of trust and the Information Technology Act. Police have indicated that further arrests could follow as the investigation progresses.
Warning Signs Investors Should Never Ignore
The case highlights several warning signs that investors should watch for when encountering financial offers through social media.
Advertisements promising unusually high or guaranteed returns within a short period should be treated cautiously. Investors should independently verify whether the investment platform and intermediary are genuine instead of relying on links, applications or contact details supplied through an advertisement.
Requests to transfer investment money into multiple or unfamiliar bank accounts should also raise concerns.
Similarly, a large "profit" displayed on an app or website should not automatically be treated as proof that an investment is genuine. Fraudulent platforms can potentially display fabricated balances designed to persuade victims to deposit additional funds.
Verify Before Sending Money for Online Investments
Social media platforms can be useful for discovering financial information, but an advertisement appearing on a well-known platform does not by itself establish that the advertiser is genuine.
Before investing in shares, IPOs or other securities, investors should independently verify the intermediary and use authorised channels rather than trusting unsolicited investment groups, unknown applications or promises of extraordinary returns.
The reported ₹73.25 lakh case is a reminder that sophisticated investment scams may imitate established financial brands, create convincing digital dashboards and display artificial profits to build trust.
The safest approach is to verify first and transfer money only after confirming that the investment service, payment channel and intermediary are legitimate. If withdrawals are blocked while additional payments are repeatedly demanded, investors should stop sending money and report the matter promptly to the appropriate authorities.