52-year-old Mumbai resident loses ₹1.44 crore to fake trading platform impersonating ASK Stock Exchange Group via WhatsApp and ASK-IATOP app leading to police investigation under Bharatiya Nyaya Sanhita and IT Act

Summary

A 52-year-old Mumbai resident lost ₹1.44 crore to a fake trading platform that impersonated a reputed stock exchange group. The victim was lured through a WhatsApp group named 986-ASK-Elite Wealth Traders, where he received investment tips and was contacted by a woman claiming to represent ASK Stock Exchange Group. Between March 10 and May 10, he made 20 transactions totaling ₹1.05 crore on an app called ASK-IATOP, which displayed inflated profits. When he attempted to withdraw funds, he was repeatedly asked to pay service charges and fines, totaling additional losses. On May 10, he reported the scam to the national cybercrime helpline, 1930, prompting a police investigation. On June 3, Mumbai’s Central Cyber Police registered a case under multiple sections of the Bharatiya Nyaya Sanhita and the Information Technology Act.