Times News NetworkPanchkula: A retired accounts professional from Panchkula allegedly lost Rs 16.2 lakh in an online stock market investment fraud after being lured by promises of returns of up to 1,200%.The complainant, Parveen Kumar Arora, a Sector 15 resident, alleged that fraudsters posing as representatives of Axis Securities used Facebook advertisements, WhatsApp groups and a trading app to persuade him to invest. A case has been registered following his complaint.Arora said he came across an advertisement in April 2026 promoting a scheme called the 2026 Axis Securities Limited 1200% Wealth Growth Plan. He was added to a WhatsApp group where members shared stock tips and displayed purported profits. He was later guided to open an account through an app that was not available on Google Play Store, according to his complaint.Between May and June, he transferred Rs 16.2 lakh to several bank accounts provided by the operators. The platform showed profits of around Rs 14 lakh, and he received Rs 1.1 lakh in two payments, encouraging him to invest further.The alleged fraud came to light when he was asked to deposit Rs 76.2 lakh after being told he had received an allotment of 61,200 shares in a Clay Craft initial public offering.After he refused to pay, he was removed from the WhatsApp groups and blocked. He later found that no shares had been purchased in his name and no IPO allotment had been made.
