Bhopal News: Online Share Trading Fraud; Teacher Duped Of ₹3.95 Lakh

Bhopal (Madhya Pradesh): Cyber fraudsters duped a private university teacher of Rs 3.95 lakh after luring him with promise of huge profits in online share trading. The Bilkhiriya police managed to freeze Rs 1.63 lakh after coordinating with banks concerned and have registered a case in this connection.

According to reports, Transport Nagar resident Dilip Kumar is a teacher at a private university. In November, he received a link through social media, claiming to offer high returns through online share trading. He was added to a Whats App group when he clicked the link where many other members were seen discussing share trading and profits.

The group administrator convinced Kumar to invest by promising substantial gains and asked him to download a mobile application. Initially, Kumar was asked to invest Rs 10,000 and was shown a profit of Rs 1000 the very next day. Encouraged by the quick returns, he continued investing more money.

Over time, Kumar transferred a total of Rs 3.95 lakh in multiple installments to several different bank accounts, as instructed by the fraudsters. The app later showed that his investment had grown to nearly Rs 23 lakh in profits.

However, when Kumar attempted to transfer the amount to his bank account, the app administrators demanded additional payments, citing service charges and a 30 per cent commission. When Kumar asked them to deduct the charges from his profits, he was told this was not possible.

Suspecting fraud, Kumar approached the police. Bilkhiriya police station in-charge Umesh Chauhan said police immediately contacted the banks and managed to put a hold on around Rs 1.63 lakh in several accounts. The amount was expected to be returned to the victim. Efforts were underway to trace the other bank accounts and mobile numbers used in the fraud, he added.