TGSPDCL Retiree loses ₹1.54 crore in WhatsApp stock trading scam
HYDERABAD: A 61-year-old retired Telangana State Southern Power Distribution Company Limited (TGSPDCL) employee has alleged that he was cheated of ₹1.54 crore in an online stock trading scam operated through a WhatsApp group and a fake trading application.
According to a complaint, the complainant stated that he was added to a WhatsApp stock market group run by one Ajit Trivedi and other persons posing as customer support agents.
The group members regularly shared stock tips, initial public offering recommendations and screenshots of profits to gain the trust of participants. The complainant said he was persuaded to download a trading application named “Aresdiversified” through a link shared in the group.
Initial gains shown to build trust
He was assisted with registration, know-your-customer formalities and linking of bank details. After making small initial investments, the application showed profits and permitted a partial withdrawal of ₹1,35,640, which, the complainant said, reinforced his confidence in the platform.
Subsequently, he was induced to make larger investments, including an initial public offering purchase of GTIL.BO. The application displayed high profits, which were later found to be fictitious.
Demands for money before withdrawal
When the complainant attempted to withdraw the balance amount shown in the application, he was told that an outstanding loan had to be repaid before the funds could be released. Believing the representations, he paid ₹28 lakh towards the alleged loan.
He was later asked to pay an additional ₹20 lakh for what the accused described as special withdrawal provisions. After this payment, the application stopped functioning and the accused allegedly ceased all communication.
The complainant said he later realised that the WhatsApp group, the trading application and the entire operation were fraudulent.
According to the complaint, he invested a total of ₹1,55,94,358, managed to withdraw only ₹1,35,640 and suffered a net loss of ₹1,54,58,718.
