Mumbai News: Man Loses ₹80 Lakh To Scammers In Stock Trading Fraud

Mumbai News: Man Loses ₹80 Lakh To Scammers In Stock Trading Fraud

The police have registered a case under relevant sections of the Indian Penal Code, including the IT Act.

Somendra SharmaUpdated: Monday, May 20, 2024, 08:52 PM IST
article-image
Mumbai News: Man Loses ₹80 Lakh To Scammers In Stock Trading Fraud |

A 43-year-old man who works in a private company in Mumbai has lost over Rs 80 lakh to scammers in a span of one month in stock trading investment fraud. Despite having invested a huge amount, the scammers told the victim to pay more Rs 60 lakh after which he realised that he had been duped.

According to the police, the victim is a Navi Mumbai resident. On April 09, the victim had come across an advertisement on Facebook about stock trading investment. The victim clicked on the apply section of the advertisement and filled in required details after which he received a phone call from an unknown woman, who provided him information about shares investment.

The scammers then made the victim download an app on his phone and gave him a login ID and password to trade on the said app. From April 09 till May 01, the victim ended up investing Rs 80 lakh through the said app and could see his earnings of 128706 USD on the app.

The scammer then told the victim that his investments in the share market had gone into negative and if he wanted to stay in the market then he would have to further pay Rs 60 lakh, else he would lose his earlier invested amount.

The victim realised that he had been duped after which he approached the police and got an offence registered in the matter last week. The victim has provided details of the contact numbers and links of the fraudsters and transaction account details to the police.

The police have registered a case under section 34 (acts done by several persons in furtherance of common intention), 406 (criminal breach of trust), 419 (cheating by personation), 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and 66D (cheating by personation by using computer resource) of the Information Technology Act.

RECENT STORIES

Mumbai: ED Raids Amber Dalal's Properties, Freezes ₹37 Crore In Assets

Mumbai: ED Raids Amber Dalal's Properties, Freezes ₹37 Crore In Assets

Mumbai News: 2 Firm Heads Booked For ₹6.6 Crore Fraud

Mumbai News: 2 Firm Heads Booked For ₹6.6 Crore Fraud

Rainy Season Woes: Ghatkopar's Railway Police Colony Plagued By Leaks And Crumbling Infrastructure

Rainy Season Woes: Ghatkopar's Railway Police Colony Plagued By Leaks And Crumbling Infrastructure

Mumbai: Advocate To Go On Indefinite Hunger Strike Against Rampant Corruption And Illegality In...

Mumbai: Advocate To Go On Indefinite Hunger Strike Against Rampant Corruption And Illegality In...

Mumbai: Doctors, IT Professionals Join Pilgrims' Route To Pandharpur

Mumbai: Doctors, IT Professionals Join  Pilgrims' Route To Pandharpur