Mumbai: 56-Year-Old Navy Officer Duped Of ₹84.46 Lakh In Stock Market Investment Scam; Investigation Underway

Mumbai: A Navy officer lost Rs 84.46 lakh to cons who fleeced him on the pretext of lucrative returns on stock market investment. In his complaint to the south cyber police, Vema Reddy, 56, said that a group of scammers, including the account holder of a fake application and the administrator of a WhatsApp group, conspired to trap him.

The cyber cell discovered that Reddy had deposited Rs 26.5 lakh in an account, belonging to a Kalyan resident, at Punjab National Bank.

Further probe revealed that the account was used 43 times to divert siphoned funds. In return, the main accused paid commission to the account holder.