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Mumbai

Updated on: Thursday, November 25, 2021, 06:27 PM IST

Mumbai: Man invests money in lucrative scheme on mobile app, ends up losing Rs 53,000

Representative Image  |

Representative Image |

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A 30-year-old man lost money after he came across a mobile application that claimed to give lucrative returns on investment. The app stated that the invested money would be used on medical equipment which would be given on rent and the profit generated from it would be given to the investors. The victim has lodged an FIR with the police.

According to the police, the complainant is a resident of MG Marg at Agripada and takes private tuitions. As per the victim, through his relatives, he had learnt about a mobile application which claimed to invest the money put in by the investors into purchasing medical equipment and would generate profit by renting the said equipment.

On November 12, the victim had downloaded and installed the said application on his phone. The application had details about different schemes provided by the app and also the earnings an investor could generate by investing in those schemes. The victim also joined a WhatsApp group in which other investors and the application company officials were members, police said.

"Initially he invested a small amount and got returns on his investment and he then gradually invested Rs 53690 in the scheme. Administrator of the said group who was a woman known only as Shivani, had informed the investors that they would get their returns on November 22, but on November 21 the application became dysfunctional," said a police officer.

After all attempts to transact through the app and communicating with the application officials failed, the victim approached the police and got a complaint lodged on Tuesday and got a case registered under section 420 (cheating) of the Indian Penal Code and sections 66C (punishment for identity theft) and 66D (punishment for cheating by personation by using computer resource) of the Information Technology Act.

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Published on: Thursday, November 25, 2021, 06:27 PM IST
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