Mumbai: 53-Year-Old Manager Loses ₹51.36 Lakh To Investment Fraud

Mumbai: A 53-year-old man, who works as a manager in a private company, lost Rs 51.36 lakh after coming across an advertisement on Instagram and falling prey to investment fraud.

About The Investment Fraud

In his complaint lodged with the central cyber division, the victim said that he was randomly scrolling reels on Instagram in May when he saw an advertisement related to share market investment, with good returns. Upon clicking on the 'join' button, the man got added to a WhatsApp group called 'MSFL Stock Chart 33', which comprised 144 members.

The group administrator, one Juhi Patel, shared a link and asked the complainant to fill out a form for 'MARWADI financial services' with all personal details, said the FIR. Subsequently, a virtual account was created in the man's name and he even bought Rs 20,000 shares, making a profit of Rs 22,915, which was credited to his account.

Encouraged by the gains, he 'invested' the whopping amount in a span of one month. However, when he asked for his profit, Juhi demanded Rs 80 lakh commission to process the money withdrawal. When the man asked for a breakdown of the commission, she refused to provide it, making him realise that he has been cheated.