Ulhasnagar IT Engineer Loses ₹1.05 Crore In Online Share Trading Fraud; Fake App Showed ₹3 Crore Profit

Mumbai: A 37-year-old IT engineer from Ulhasnagar has lost over Rs1 crore in an online share trading fraud.

Complainant Lured Through Twitter Message in November

According to police, the complainant received a message on Twitter in November last year regarding share market investments. He was subsequently contacted by the user who persuaded him to open a trading account with a company.

On December 18, he completed the video KYC process and downloaded a trading app as instructed. After making small initial investments, he was able to withdraw some returns, which were credited to his bank account. Between December 23 and February 4, he transferred Rs1.05 crore through multiple online transactions into different beneficiary accounts provided by the fraudsters. The trading app reflected profits of nearly Rs3 crore. However, when he attempted to withdraw the amount, his requests were repeatedly declined.

Withdrawal Requests Denied

On confronting the caller, he was told to deposit an additional Rs30 lakh to process the withdrawal. When he refused, the accused gave evasive responses and eventually stopped taking his calls. Realising he had been cheated, he filed a complaint on the cyber crime portal.

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