In a disturbing case that highlights the growing menace of financial scams in the digital era, a 37-year-old restaurant owner from South Kolkata has alleged that a share-trading company defrauded him of ₹51.8 lakh. The incident, which took place over the last two months, is now under investigation by the anti-bank fraud section at Lalbazar and the city’s cyber crime unit.
How the Scam Unfolded
According to the complaint filed by the businessman, he was first approached by an executive from the trading firm in early May. The executive presented lucrative investment opportunities and encouraged the victim to make multiple fund transfers into the company’s account. Lured by promises of high returns, the complainant transferred the funds through several transactions over a short period.
However, the trouble began when the businessman tried to withdraw his investment on June 12. He was shocked to learn that the company had imposed a mandatory 10% service tax deduction on the withdrawal. Sensing something amiss, the complainant questioned the deduction and was reportedly stonewalled by the company’s representatives.
Violation of SEBI Norms
The alleged 10% deduction raised red flags. As per Securities and Exchange Board of India (SEBI) regulations, registered and licensed trading firms cannot arbitrarily impose service taxes or additional charges on investor withdrawals. The businessman claims the deduction not only lacks legal backing but may also constitute a breach of investor protection norms.
An officer familiar with the case commented, “This appears to be a replica of a modus operandi now being used by cyber crooks targeting business owners. We are investigating similar complaints against the same organisation.”