Mumbai: In a shocking case of cyber fraud, a young engineer from Mumbai’s Vikhroli area has been duped of Rs 4.5 lakh by individuals posing as stock market experts. The victim, 21-year-old Safin Qureshi, has filed a complaint at Parksite Police Station, prompting authorities to launch an investigation into the scam.
According to the report, the fraud began when Qureshi received a message from an unidentified man claiming to work in the stock market. The accused lured him with promises of high returns and persuaded him to invest using a mobile application. Interested in stock market opportunities, Qureshi agreed, as reported by Loksatta.
Soon after, a woman contacted Qureshi and collected his personal and financial details under the guise of investment consultation. Over the next few days, Qureshi transferred a total of Rs 4.5 lakh to buy shares through the app, following the woman’s advice.
The scheme unravelled when a message surfaced in a WhatsApp group warning members that the app was part of a fraudulent operation. Alarmed, Qureshi attempted to withdraw his funds but was unable to do so. The victim attempted to contact the woman, but it failed, as her phone was switched off.
Realising he had been cheated, Qureshi promptly approached the police and filed a formal complaint. A case has been registered, and police are currently tracking the accused based on the communication trail.
In other news of cyber fraud, a 79-year-old doctor from Powai has reportedly been cheated of nearly Rs 25 lakh in a stock trading scam. The doctor, who also serves as the head of a private company, was lured through deceptive online communication. The case is now under investigation by the Cyber Cell of the Mumbai Police’s Western Region, which has already arrested two suspects — Prashant Chaudhary and Richard Rao.
According to officials, the fraud began on July 17, when the victim received a WhatsApp message advertising stock investment opportunities, along with a "customer care" number. Upon responding to the message, he was added to a WhatsApp group that regularly shared stock market tips and in-depth analyses to build credibility.
After gaining the doctor’s trust, the group administrator contacted him personally, offering promises of high returns. The accused even went as far as creating a trading ID and password for the doctor on what turned out to be a fake trading platform.
