India News | Paints Firm Manager Falls Prey to Share Market Investment Fraud, Loses Rs 53 Lakh
Get latest articles and stories on India at LatestLY. A 53-year-old manager of a paints company was allegedly cheated by cyber fraudsters of more than Rs 53 lakh under the guise of promising lucrative returns on share trading investment, Mumbai Police said on Tuesday.
Mumbai, Aug 27 (PTI) A 53-year-old manager of a paints company was allegedly cheated by cyber fraudsters of more than Rs 53 lakh under the guise of promising lucrative returns on share trading investment, Mumbai Police said on Tuesday.
The victim lodged a complaint with the Central Region Cyber Police Station on Monday, leading to the registration of a case against two unidentified persons, an official said.
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The complainant came across an advertisement on Instagram on May 5 mentioning about attractive returns on investments in the share market through trading.
After he clicked on the advertisement, he was added to a WhatsApp group named 'MSFL stock chart 33' consisting of 140 members, the police official said.
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The victim contacted group admin, Juhi Patel, and expressed his interest in investing money. Patel allegedly sent a link to the victim, who ended up providing sensitive information including PAN card and Aadhaar card details, and opened a virtual account under 'Marwadi Financial Services'.
The manager continued to deposit money in the bank account number for 'share trading', the official said.
After depositing over Rs 53 lakh, the victim's virtual account reflected a 'profit' of Rs 26.95 crore. The complainant wanted to withdraw Rs 30 lakh to pay taxes and contacted Patel, who asked him to deposit Rs 80.55 lakh, police said.
The manager realised that he was being defrauded and approached the police.
(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)