Two Arrested in ₹5.6 Crore Noida Stock Market Scam

In a swift crackdown, the Noida Cyber Crime Police have arrested two individuals — Sahab Singh and Neeraj — in connection with a ₹5.6 crore WhatsApp-based stock market scam that reportedly targeted a woman investor from Sector 50. 

How the Scam Operated

According to the FIR filed by the victim, she was contacted through a WhatsApp group promising lucrative investment returns. Over time, she was persuaded to transfer large sums to accounts provided by the accused. The promoters showed fabricated returns on a portal to build confidence. But when she tried to withdraw money, she was denied access — instead, asked to deposit more funds as “verification charges.” 

Arrest and Police Action

The police launched an investigation after the woman raised suspicion and filed a complaint. Sahab Singh and Neeraj were apprehended from Hapur. Their arrest comes just days after another high-profile scam where a former IT-firm owner was duped of over ₹2 crore using similar tactics. 

Wider Trend: WhatsApp-Based Investment Frauds on the Rise

This is not an isolated case. Several recent reports highlight a growing pattern of WhatsApp-based stock and investment scams in the region. For instance, earlier this year a resident lost ₹22 lakh after being persuaded to invest via a fraudulent trading app. :contentReference[oaicite:6]{index=6} The modus operandi — high-return promises, fake portals showing inflated balances, then refusal to allow withdrawals — remains consistent across cases. 

What You Should Know

• Fraudsters often lure victims via WhatsApp groups or messages claiming “expert” advice or “stock-market opportunities.”
• They show false returns on marketing portals to gain trust, encouraging more investment.
• Victims are usually asked for additional “verification” or “release” fees at withdrawal time.
• Once the money is sent, it becomes near-impossible to recover — often transferred through mule or rented accounts. :contentReference[oaicite:8]{index=8}

The arrests of Sahab Singh and Neeraj should serve as a cautionary tale. Investors must remain vigilant and skeptical of unsolicited investment offers through WhatsApp or informal channels.

— End of report for Shunyatax Global.

If you or someone you know has encountered similar investment frauds, we encourage you to contact local cybercrime authorities immediately and consider reading our detailed guide on avoiding online financial scams at Accounting firms in India.