Falling for 200% profit offer, man loses 2.5cr
Mumbai: Lured by returns of up to 200%, the owner of a logistics company was duped of over Rs 2.5 crore to a stock market fraud. The fraudsters, who operated a fake trading app, showed him profits in a virtual account but demanded an additional Rs 2 crore to unlock his funds.
The victim was added to two WhatsApp grounds in April, whose members, posing as stock market professionals, offered trading tips and promised the targets unusually high returns of up to 200%. The groups were moderated by several numbers, including one claiming to be Sharon Trivedi, the supposed representative of the company. After showing an interest in making an investment, the victim was directed to download an app that mimicked the interface of a legitimate trading platform. Over the next few weeks, he sent Rs 2.5 crore to various bank accounts provided by the fraudsters, believing he was investing in high-return shares. On May 27, when the man attempted to withdraw funds through the app, the request was blocked, and he was asked to pay another Rs 2 crore to access the investment. Realising that he had been conned, he filed a complaint through the cybercrime helpline. —S Ahmed Ali
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