Navi Mumbai: Retired man loses Rs 59.8 lakhs in cyber fraud while investing in overseas company

The cyber thief introduced him to an investment scheme in a US-based financial company that promised to give seven times the return for an investment of Rs 16,00,000 lakh or USD 20,000.

Amit SrivastavaUpdated: Saturday, November 05, 2022, 07:29 PM IST
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Retired man loses Rs 59.8 lakhs to cyber fraudster investing in an overseas company. | Representative Photo

Navi Mumbai: A retired person lost Rs 59.8 lakhs to a cyber fraudster who convinced him to make investments in an overseas investment company, giving him hope of getting seven times higher returns. The victim came to know the cyber fraudster through social media.

According to police, the victim received a friend request on a social media platform in August 2022, and subsequently, they started chatting. Later, the cyber thief introduced him to an investment scheme in a US-based financial company that promised to give seven times the return for an investment of Rs 16,00,000 lakh, or 20000 dollars.

Initially, the complainant did not believe it. However, the cyber fraudster called and convinced him about the scheme by explaining the process of investment and return. The victim believed it and deposited it into a bank account as instructed by the cyber fraudster.

Daily 10 percent return

After three days of taking money, the cyber fraudster informed the victim that she herself was making an investment of USD 30,000 (or Rs 24,00,000) and asked him to make a similar investment. In this investment, he will get a daily 10 percent return. The victim again transferred Rs 34,80,000 to the given bank account.

After a month, the complainant and victim asked for the money. The cyber fraudster asked him to check his status online, and it showed that USD 175,000 had been deposited into the complainant's account at the financial company under his name.

However, he was asked to deposit Rs 9,50,000 as a penalty as the investment was to be returned in Indian currency. The victim even deposited that amount and asked for money.

Lost Rs 59 lakhs

The cyber fraudster told him that his first investment had matured and he would get the money after the second investment matured, and for that, he had to pay 15 percent, or USD 44,000 (Rs 35,00,000). In total, the complainant lost Rs 59.8 lakhs.

The victim realised that he had been cheated and approached the police. A case has been registered against unidentified persons under sections 419, 420, and 34 of the IPC and sections 66(C) and 66 (D) of the IT Act and the investigation has started.

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