Bhopal News: Retired Coal Mines Official Loose ₹72 Lakh In Online Share Trading Scam

Bhopal (Madhya Pradesh): Cyber fraudsters duped a retired coal mines official of Rs 72 lakh on the pretext of offering high returns on investment in online share trading.

Habibganj police have registered a named FIR against two accused who introduced themselves to the victim as Manik and Siya Verma.

According to reports, the victim Abhay Sharad Mohgaonkar (72), a resident of Arera Colony and a retired coal mines official of Chhattisgarh, received a phone call a few months ago from individuals posing as trading experts.

They claimed that if he invested through a platform suggested by them, he would earn profits several times higher than regular market returns.

The accused gained his trust and in the name of online trading, got a separate account opened for investments through an App. Mohgaonkar transferred money in instalments while investing a total sum of Rs 72 lakh.

Mohgaonkar filed a complaint through an e-FIR with the cyber police. After preliminary verification of transactions and fraud elements by cyber cell, the case diary was transferred to Habibganj police station.

Police have now formally registered a case of cheating against Manik and Siya Verma. Police officials said bank statements and technical evidence linked to the accused persons mobile numbers were being collected.

Inflated profits shown to victim

The mobile app or dummy trading account provided to the victim showed his invested amount along with inflated profits growing into crores of rupees. Convinced that he had earned massive returns, Mohgaonkar tried to withdraw the funds.

However, the accused stalled the withdrawal requests, claiming that his portfolio had not yet reached the required target.

They told him the full amount could only be withdrawn once a specified investment benchmark was achieved. After repeated failed attempts to recover his money, the victim realised that he had been cheated.