The South Cyber Cell has arrested two individuals suspected of deceiving a victim out of Rs. 31.50 lakhs by falsely promising investment profits through stock market applications. The victim, a baker from a prominent 5-star restaurant in Mumbai named Avinash Nandalvar (56), realized he had been swindled and reported the incident after contacting the helpline number 1930.
Involvement In Telegram Investment Groups
The ordeal began when Nandalvar came across a Facebook advertisement in December 2023, promising lucrative returns on stock market investments. Intrigued by the offer, he clicked on the website and was added to several Telegram groups, each boasting approximately 150 members. "The group admins provided investment guidance," explained an officer.
Entranced by the conversations in these Telegram groups, Nandalvar trusted he would reap substantial profits if he followed the administrators' instructions. "He would invest as per their directives," the officer stated.On January 28, 2024, Nandalvar invested in various stock market companies, lured by the alleged accused's promises of 200-300% profit.
Police Arrest Suspects And Revelation Of Previous Fraud Activities
He was further instructed to open an "institutional" account and obliged by uploading his information on the provided link. "The victim ended up investing Rs. 31.50 lakhs," confirmed an officer.When Nandalvar attempted to withdraw the funds, he encountered obstacles. "The assistants provided unsatisfactory answers, citing ongoing reviews or taxes required for withdrawal," reported an officer.
Realising he had been deceived, Nandalvar contacted the helpline, prompting the police to launch an investigation and file an FIR. On April 14, the police apprehended two suspects identified as Mohammad Rashid (25) and Mohammad Ansari (24) from Bhiwandi. "The duo was also wanted by the North Cyber Cell for a similar stock market fraud," the officer revealed.
Police Slaps Charges Against Rashid and Ansari
Their modus operandi involved leveraging social media platforms to dupe victims. Rashid and Ansari have been charged under sections 419 (cheating by personation), 420 (cheating), and other relevant sections of the IPC, along with relevant sections of the IT Act.
