Stock Market Scam: Four Victims Swindled Of ₹66 Lakhs In Nashik

Cyber criminals have targeted and defrauded four individuals in Nashik, masquerading as stock market brokers and exploiting their trust to siphon off a staggering sum of up to ₹66 lakhs. The victims, lured by the promise of lucrative returns on their investments, have now found themselves entangled in a cyber fraud. In response, a case has been registered under the IT Act, alongside charges of fraud, at the cyber police station.

The complaint, lodged by Vasant Govind Wagh (61, Saptshringi Colony, Gangapur Road), sheds light on the hardships faced by the victims. Wagh, a retiree, recounted how he was approached by the perpetrators in January, who posed as reputable brokers. With tempting offers of substantial profits in the stock market, they captivated Wagh's attention, enticing him to invest. Under the guise of various schemes, they skillfully persuaded Wagh to transfer funds into different bank accounts.

Tragically, Wagh's story is not an isolated one. Three other unsuspecting investors found themselves ensnared in the same trap. After waiting in vain for three months, with no sign of their promised returns or any form of recompense, Wagh and his fellow investors decided to seek recourse through legal channels. Their joint complaint has unveiled a startling revelation that the fraudsters managed to fleece a total of ₹65.76 lakh rupees from their victims.

Steering the ongoing investigation into this elaborate scam is Senior Inspector Riyaz Shaikh, who is diligently working to uncover the truth behind the perpetrators' nefarious activities.

What is stock market scam?

As incidences of 'task frauds' and 'drugs in courier' scams appear to be diminishing, stock market scams are gaining momentum. In these schemes, scammers initiate contact with victims through platforms such as Facebook, WhatsApp, and Instagram, offering tutorials on 'Stock and IPO' investments. Then victims are encouraged to download trading applications and deposit funds into the app's wallet. However, once the funds are deposited, fraudsters freeze the money to ensnare the victims.