Varanasi Man Loses ₹13 Lakh Through Fake Upstox App, Complaint Says

VARANASI: A resident of the Sant Raghuvar Nagar area has reported losing about ₹13 lakh after a WhatsApp contact allegedly persuaded him to transfer money through a fake trading application impersonating the brokerage Upstox. Sigra police have registered a case, and the claims are now subject to investigation.

The complainant, Dileep Singh, said a person using the name “Aditi Verma” contacted him on WhatsApp on June 2 and introduced an investment opportunity. He was allegedly directed to an application described as “Upstox DMA”, where a dashboard showed trading activity and returns designed to appear legitimate.

Between June 16 and July 30, Singh said, around ₹13 lakh was transferred in multiple transactions from an Indian Bank savings account belonging to his wife, Ruchita. The alleged fraud became clear when access to the displayed returns and withdrawal function failed. The identity of the person behind the messages has not been established publicly.

The method follows a pattern repeatedly flagged in investment scams. A stranger begins with ordinary market conversation, moves the target into a WhatsApp group or private chat, then supplies a link to an unofficial app. Early profits exist only on the screen. When the victim tries to withdraw, the operators demand tax, a security deposit or another transfer.

Using the name and visual style of a real broker makes the deception more persuasive. Upstox has warned users about impersonation apps, social-media accounts and WhatsApp contacts. Investors should download financial apps only from links on the company’s verified website or official app-store listing and independently check the intermediary’s SEBI registration details.

No genuine brokerage employee needs a client to send investment money to unrelated personal or business accounts. Pressure to join a special institutional plan, guaranteed returns and instructions to keep the opportunity confidential are serious warning signs. A rising balance inside an unfamiliar app is not proof that trades or securities exist.

Anyone who has transferred money should contact the national cybercrime helpline 1930 as quickly as possible, file a complaint at cybercrime.gov.in and notify the bank with transaction references. Speed can help authorities place a hold before funds are dispersed through multiple accounts. Messages, app files, screen recordings and beneficiary details should be preserved rather than deleted.

The registered case will require investigators to trace bank accounts, domains, devices and the WhatsApp identity used in the approach. Until that work is complete, the ₹13 lakh loss and the roles described remain allegations based on the complaint. The practical lesson is already clear: a familiar brand name does not make an unsolicited investment link genuine.