Mumbai: Dubbing Manager Loses ₹5.49 Lakh In Share Market Scam; Files FIR Against Fraudsters Impersonating Rudra Traders

Mumbai: Dubbing Manager Loses ₹5.49 Lakh In Share Market Scam; Files FIR Against Fraudsters Impersonating Rudra Traders

As per the FIR, Kuldeep Singh (34), a dubbing manager at S.H. Production Studio in Goregaon Film City, residing in Malad West, had been engaged in share trading for the past two years

Megha KuchikUpdated: Sunday, December 03, 2023, 12:42 AM IST
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A dubbing manager fell victim to a share market tips scam, losing ₹5.49 lakhs. The scam involved a fraudster posing as an employee of Rudra Traders Sharing Market, who contacted the victim under the guise of offering profitable tips to recover his losses, ultimately defrauding him.

As per the FIR, Kuldeep Singh (34), a dubbing manager at S.H. Production Studio in Goregaon Film City, residing in Malad West, had been engaged in share trading for the past two years. On August 14, at 10:09 a.m., Singh received a call from an individual impersonating an employee named Shivam from Rudra Traders share trading company. This person insisted Singh collaborate with their company, promising assistance in generating profits and offering share marketing tips. Singh studied their tips for two days and agreed to work with them.

Money transferred via online banking

On August 17, Singh executed trades as per Shivam's recommendations, earning ₹1.41 lakh. He transferred ₹40,000 to Rudra Traders as a commission via online banking. However, in the following 5-6 days, Singh incurred a loss of ₹1.86 lakh while following the tips provided by Rudra Traders. Despite deciding to terminate his trading with Rudra, Shivam assured him that the company would help recover his losses.

On August 28, another fraudster, claiming to be an employee of Rudra Traders, contacted Singh. These fraudsters assured him that his losses could be recovered by their company, but he needed to pay ₹5.35 lakhs for that purpose. Singh transferred the amount in multiple transactions. Subsequently, the fraudster proposed a new idea, stating that the ₹5 lakhs slot was filled, and Singh now needed to pay ₹7.5 lakhs. Singh transferred a portion of this amount but later stopped the transactions when the fraudsters' mobile phones were continuously switched off.

Growing suspicious, Singh filed a case against two unidentified individuals under sections 34 (common intention), 419 (cheating), and 420 (cheating and dishonestly) of the Indian Penal Code and relevant sections of the Information Technology Act at Charcop Police Station on November 30.

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