Mumbai: A 57-year-old man from Ulhasnagar fell victim to an online share trading scam and ended up losing Rs1.14 crore, Thane police reported. On August 22, the complainant received a call from a woman promoting an investment opportunity in share trading. She directed him to join a WhatsApp group for trading tips and tricked him into downloading a fraudulent trading app.
Fake Profits, Real Loss
Initially, the complainant successfully transferred small amounts from the app to his bank account, gaining trust in the platform. Between August 27 and September 26, he transferred Rs1.14 crore to various beneficiary accounts. The app later displayed his earnings at Rs11.29 crore, but his attempts to withdraw Rs50 lakh were denied. The scammers demanded an additional Rs2.26 crore as a service fee, prompting him to realise that he had been deceived.
On Sunday, the victim approached Thane police, who registered a case under sections 66C (identity theft) and 66D (cheating by personation using computer resources) of the Information Technology Act.
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