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Man loses ₹80 lakh to scammers in stock trading fraud

A 43-year-old man working in a private company in Mumbai has lost more than Rs 80 lakh to scammers in a span of a month through investment fraud in stock trading. Despite investing a huge amount, the scammers told the victim to pay more Rs 60 lakh, after which he realized that he had been cheated.

According to police, the victim is a resident of Navi Mumbai. On April 9, the victim came across an advertisement on Facebook about investing in shares. The victim clicked on the application section of the ad and filled in the required details, after which he received a call from an unknown woman, who provided him with information about stock investing.

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 9 to May 1, the victim eventually invested Rs 80 lakh through the said app and was able to see his earnings of USD 128,706 on the app.

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

The victim realized that he had been duped, after which he went to the police and an offense was registered in the case last week. The victim provided details of the fraudsters’ contact numbers and links and transaction account details to the police.

Police have registered a case under sections 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 using computer resources) of the Information Technology Act.

Published: Monday May 20, 2024 8:52 PM IST