Maharashtra: 47-Year-Old Man Duped Of ₹30 Lakh To Cyber Cons In Online Stock Trading Scam, Case Filed

Mumbai: A 47-year-old man had come across information a about stock trading opportunity. The victim then got a trading account operational and kept investing money. Recently the victim came across a newspaper report about stock market trading frauds. The victim, who had invested over Rs 30 lakh realised that he too had become a victim of this fraud when he was unable to withdraw his earnings from the bogus trading app.

According to the police, the victim is a resident of Buldhana. On March when the victim was checking internet, he came across information about joining a WhatsApp group instrumental in providing information on buying and selling of shares. The victim joined the WhatsApp group and made investments in which he earned profits.

In order to earn bigger profits, the scammers induced the victim to download a trading app and from April 14, the victim invested Rs 30.30 lakh over a period of time in multiple online transactions. Few days ago, the victim came across a newspaper report about the rampant stock trading investment fraud. Alerted by the news, the victim decided to withdraw his earnings from the trading app.

The victim was left baffled when he could not withdraw his earnings after which he realised that he too had been conned by the scammers. He then approached the police and got an offence registered in the matter.

The police have registered a case under sections 419 (cheating by personation), 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and 66C (identity theft), 66D (cheating by personation by using computer resource) of the Information Technology Act.