Cyber criminals seem to be cashing on the opportunity of preying upon potential investors eager to make an entry into stock trading. A 62-year-old retired professional from Mira Road became the latest target of cyber fraudsters who cheated him of more than Rs 17 lakh under the pretext of offering guidance about stock trading products and accurate market data.
According to the police, the senior citizen came across an advertisement floated on a popular social networking site offering guidance on stock market trading. He clicked on the provided link and was automatically added to a WhatsApp group. To open a Demat account, the group admin directed him to download an application having a name which was seemingly similar to that of a leading online share trading platform.
Victim transfers money to various bank accounts
As suggested by the admin, the complainant transferred money to various bank accounts to buy shares of various companies. However, when he expressed his need for money in exchange for selling the so-called shares he had purchased, the fraudsters demanded more investments for withdrawals. Sensing something fishy, the complainant enquired with the original share trading platform and was shocked to learn that the application which he had downloaded and conducted the transactions was a phoney version.
By then the complainant had already ended up transferring more than Rs 17 lakh to the specified bank accounts within a span of 22 days in December. Realising he was cheated; the senior citizen alerted the cyber cell and registered an official complaint at the Naya Nagar police station. An offence under section 420 of the IPC and relevant sections of the Information Technology Act was registered against the fraudsters on Monday. Further investigations were underway.
