i got trapped in online share trading and lost huge money, Fraudster is asking to pay the tax for using their platform for trading. They shared new bank details to transfer taxes. I raised cybercrime and informed bank where the money was transferred. I want your guidance for approach.

Ans: You made the correct decision since taxes are deposited into the income tax department rather than a personal bank account.

Since you said that you have lost a significant amount of money through online trading, there will be no tax obligation. Tax will only be payable at the time the capital gains are booked. However, the platform will charge certain fees in order to execute the transaction.

If they continue to ask for taxes, you may register a complaint with supporting documents, bring up the matter of online fraud to the cybercrime cell online. Also, inform the bank where the money was transferred.

You may then initiate the following legal actions:

1. Report the platform and complaint registered with regulatory body (Stock and Exchange Board of India), so that the platform will not impact other investors.
2. Keep all the details securely with you like communications with the platform.
3. Money transfer receipts.
4. Cybercrime complaint copy.