Fraud Unveiled: Exim Bank AGM Scammed in Stock Market Hoax

A 45-year-old assistant general manager at Exim Bank was duped of Rs 1.35 crore by fraudsters through bogus stock market investment apps. The scammers persuaded her to invest via the apps, displaying false profits. When asked to return her principal, the fraudsters turned unresponsive.

In a startling revelation, a 45-year-old assistant general manager of the Export Import Bank of India has been defrauded of Rs 1.35 crore. The fraud occurred between December 2024 and February 2025, as reported by local police this Friday.

The scam happened after the victim was added to two WhatsApp groups providing fraudulent stock market tips. Later, group admins and so-called service executives persuaded her to use apps named 'QuantsAIS' and 'Angel One' for her investments.

The woman, believing her funds were growing, was unable to retrieve her initial investment or alleged profits, leading her to report the fraud. An investigation has been initiated by the Cyber Police Station.

(With inputs from agencies.)