Nagpur, Jan 18 (PTI) A businessman from Nagpur was duped of Rs 2.48 crore by a group of persons who promised him good returns on investment in the stock market, a police official said on Thursday.

Moti Dularamani (76), a former wholesaler of food essence, had seen an advertisement on Facebook promising 15-20 per cent returns on investment and responded, the Dhantoli police station official said.

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"Between November 11 last year and January 8 this year, Dularamani invested Rs 2.75 crore, of which an amount of Rs 26 lakh was transferred into a demat account just to get the victim's confidence," he said.

Based on the evasive replies of the accused on the whatsapp group that was used to communicate about investments and returns, Dularamani realised he had been duped, the official said.

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The cyber police registered a case of cheating and other offences under Indian Penal Code and Information Technology Act and efforts were on to solve the case, the official added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)