Mumbai: A 61-year-old man fell prey to scammers and lost Rs 3.64 crore in online share investment fraud. The statistics provided by the city police have revealed that this year so far 665 shares investment fraud cases have been registered out of which 175 cases have been detected and 210 persons involved have been arrested.
How The Fraud Began
According to the police, the complainant is a resident of Nashik. On July 28, the complainant learnt that his mobile number had been added in a WhatsApp group where information regarding shares investment was being discussed. The complainant monitored the activities on the group for a fortnight and found that the expert giving tips on the group gave positive results to the "investors".
Scammers Lure Victim Into Fake Trading App
Once the complainant developed trust on the said trading platform he decided to invest. The scammer then shared a web-link with the complainant and asked him to download a trading app through that link and invest in shares to earn a huge profit.
Victim Transfers Over ₹3 Crore To Multiple Accounts
Thereafter, from August 22 till October 10, the scammers induced the complainant to transfer Rs 3.64 crore in different bank accounts in multiple online transactions. The complainant could see his earnings increasing in the trading app. However, on October 13, when the complainant tried to withdraw his earnings, his requests were repeatedly denied.
Fraud Exposed After Failed Withdrawal Attempts
He then confronted the scammer who told him that he would receive his money in his account in two days. After several days when the complainant did not receive his money, he realised that he had been duped. He then raised a complaint in this regard on the cyber crime portal following which a case had been registered recently.
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Police Register Case Under BNS And IT Act
A case has been registered by the police under sections 318 (cheating), 319 (cheating by personation) of Bharatiya Nyaya Sanhita and 66C (identity theft), 66D (cheating by personation by using computer resource) of the Information Technology Act.
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