Chandigarh: A retired Army officer from Sector 33-A allegedly lost Rs 18 lakh in an online investment fraud after cyber scammers lured him with promises of high returns through a fake trading platform.According to the complaint filed by a retired lieutenant colonel, he came across a YouTube video on May 25, 2026, claiming investors could earn returns of up to 200% and withdraw profits at any time. After registering through a link in the video, he was contacted on WhatsApp by a man identifying himself as Virast Sharma, who claimed to be an equity adviser with a firm called Qora Trade. Another caller, introducing himself as Ajay Singhania, allegedly claimed to be the company’s head of the equity department and assured him of profitable investments.Believing their claims, the complainant initially transferred Rs 25,000 on May 25 and Rs 49,000 on May 28. He subsequently received small amounts as purported profits, along with credit confirmation letters carrying the company’s letterhead and signatures, which further strengthened his confidence.Encouraged by the apparent returns, he invested Rs 1.5 lakh each on June 5 and June 10, followed by Rs 5 lakh on June 24 and Rs 10 lakh on July 3, taking his total investment to Rs 18 lakh. The accused allegedly claimed to have added a Rs 2 lakh bonus, showing a total investment of Rs 20 lakh in his online wallet, which later displayed a balance of Rs 92 lakh.When he sought to withdraw the amount, another caller claiming to represent the tax department of the Republic of Cyprus allegedly demanded a tax payment of 1 lakh US dollars. The caller later asked him to deposit an additional Rs 10 lakh before the withdrawal could be processed.Suspecting fraud, the complainant approached the Cyber Crime police station in Sector 17 and furnished details of all transactions. After verifying the complaint, police registered a case against unidentified persons and launched an investigation. Officials said efforts are underway to trace the money trail and identify those involved in the fraud.
