Thane News: Kalyan Man Loses ₹93 Lakh In Stock Market Fraud

A 46-year-old man recently lost Rs 93 lakh in stock market investment fraud in less than a month. Moreover, the cons also threatened him when he asked them to return his money.

In his police complaint, the Kalyan resident said that he had come across an investment advertisement on Facebook in April. He then clicked on a link given in the advertisement, after which his phone number got added in a WhatsApp group wherein tips related to stock market investment were being shared.

The scammers then induced the complainant to download and open an account on a bogus trading app. From April 26 to May 16, he transferred the whopping amount through 18 online transactions to different accounts, said police.

As the trading app reflected rising 'profits', the man decided to withdraw his earnings. However, the cons sought more money to release the amount and gave threats, said the complainant.

On Saturday, a case was filed under the Information Technology Act.