Ahilyanagar Resident Duped Of ₹1.47 Crore In Online Share Trading Fraud; Bull Market Lure, Fake App And WhatsApp Group Used By Scammers
A 50-year-old man from Ahilyanagar was allegedly cheated of ₹1.47 crore in a share market investment scam operated through WhatsApp groups, police said. Fraudsters posed as trading experts and lured him with promises of high returns during a bull market. He was induced to transfer money in multiple transactions before realising he had been duped and filing a cybercrime complaint.
Ahilyanagar Resident Duped Of ₹1.47 Crore In Online Share Trading Fraud; Bull Market Lure, Fake App And WhatsApp Group Used By Scammers | Representational Image
Mumbai: The scammers are duping people by inducing them to invest in online share trading by promising them huge returns in the bull market. A bull market is a prolonged period in the financial markets where the prices of securities, like stocks or commodities, consistently rise or are expected to rise. In the first quarter of this year, the city police have registered 163 cases of share market investment fraud out of which 25 cases were detected and 42 persons were arrested.
City Police Data
According to the police, the victim (50), is a resident of Ahilyanagar. During the period of April 04 till May 15, the victim received a WhatsApp message inviting the victim to join a WhatsApp group to get benefits of a bull market. The victim clicked on a link mentioned in the message after which his mobile number got added in a group where tips regarding share market investment were being discussed.
The scammer, who posed as a trading expert, then asked the victim to download and install a share market investment-related app on his phone and create a trading account on the said app. The victim was induced to transfer Rs 1.47 crore in different beneficiary bank accounts in nine online transactions.
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How It Began
Later, when the victim asked the scammer to withdraw his earnings, the former asked him to pay more Rs 90 lakh. The victim then realised that he had been duped following which he raised a complaint in this regard on the cyber crime portal. In his police complaint the victim has provided contact details of the scammer, beneficiary bank accounts, WhatsApp groups and fraudulent trading app.
A case has been registered by the police under sections 318 (cheating), 319 (cheating by personation) of the Bharatiya Nyaya Sanhita and section 66D (cheating by personation by using computer resource) of the Information Technology Act in the matter.
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