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
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
15 minutes ago
- Time of India
EPFO settles nearly 50% of claims within 3 days, 69 lakh cases cleared so far this fiscal, automated limit to rise to Rs 5 lakh
The Employees' Provident Fund Organisation (EPFO) settled nearly half of all claims filed this fiscal within just three days, significantly speeding up service delivery, a senior official said on Wednesday. The official attributed the acceleration to automation and said further gains are expected as the upper limit for automated settlement is set to be raised to Rs 5 lakh. As of June 5, 2025, EPFO had processed 68.96 lakh claims—mostly related to partial withdrawals—within three days of filing. This represents close to 50% of the total claims filed in the period from April 1 to June 5, PTI reported. For the entire fiscal year 2024–25, EPFO has so far processed 2.34 crore claims, with approximately 39% being resolved within the three-day window. Currently, withdrawal claims of up to Rs 1 lakh for reasons such as illness, education, housing, and marriage are eligible for automated processing, provided all requirements are met. The official confirmed that the EPFO is preparing to enhance this limit to Rs 5 lakh, a change that does not require approval from the Central Board of Trustees (CBT), the body's top decision-making authority. The move will be executed through a directive from the Central Provident Fund Commissioner, the EPFO's administrative head. The CBT is chaired by the Union Labour and Employment Minister and includes representatives from trade unions and employers. EPFO has a long-term goal to settle all claims—including pension pay-outs, group insurance, and full provident fund withdrawals—within 72 hours of receipt. However, the official acknowledged that the verification of legacy data, especially for members enrolled before 2012, remains a bottleneck and often delays claim processing. With over 7 crore contributing members and more than 5 crore claims filed in FY25 so far, the shift to automation is expected to significantly reduce the workload and enhance the timeliness and efficiency of EPFO's services. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
16 minutes ago
- Time of India
John Abraham's monthly rental income from his Mumbai properties could be someone's yearly salary
Bollywood actor and producer John Abraham, best known for his performance in The Diplomat, is not only making headlines for his films but also for his sharp business sense. Recently, the actor leased out three luxury apartments in Mumbai's Bandra West for a combined monthly rent of Rs 6.30 lakh, a sum that mirrors what many professionals across the country earn in an entire year. The properties are located in the Sea Glimpse Co-operative Housing Society, one of the most upscale residential areas on Bandstand. Details of the Lease Agreement The rental deal was officially registered on May 29, 2025. According to documents reviewed by Square Yards, the lease was formalised with a stamp duty of Rs 1.12 lakh and a registration fee of Rs 1,000. A hefty security deposit of Rs 36 lakh was also collected from the tenants. The monthly rent of Rs 6.30 lakh is applicable for the first year and includes annual increases. For the first two years, the rent will rise by 8% annually, followed by a 5% annual increase for the remaining two years. By the final year of the agreement, the rent is expected to reach Rs 8 lakh per month. Over the five-year lease period, the total rental income is projected to be around Rs 4.3 crore. Bandra's Premium Real Estate Market The tenants named in the lease documents are Varun Talukdar and Pooja Gupta. Bandra West, where these properties are located, continues to be one of Mumbai's most premium residential markets, home to celebrities such as Shah Rukh Khan, Salman Khan, Ranbir Kapoor, and Janhvi Kapoor. With its mix of high-end residential and commercial spaces, Bandra remains a preferred destination for high-net-worth individuals. John Abraham's Property Holdings This isn't the actor's only significant real estate activity. In December 2023, John purchased a sprawling 5,416-square-foot bungalow in Khar, along with a 7,722-square-foot plot of land. The transaction, worth Rs 70.83 crore, was registered after an additional stamp duty payment of Rs 4.24 crore. The bungalow is located on Linking Road, a prime commercial stretch known for its retail prominence and connectivity. Apart from acting, John Abraham is actively involved in several business ventures. He owns JA Entertainment, a production house, and has invested in various other sectors including fitness, coffee, and ice cream. His ventures include NorthEast United FC, JA Fitness, and investments in Subko Coffee Roasters and NOTO Healthy Ice Cream. His estimated net worth stands at Rs 251 crore. The 52-year-old star also has a passion for automobiles. His collection includes luxury vehicles such as a Lamborghini Gallardo, Nissan GT-R Black Edition, Porsche Cayenne Turbo, Audi Q7 and Q3, along with superbikes like the BMW S1000RR, Aprilia RSV4 RF, and Honda CBR 1000RR.
Time of India
16 minutes ago
- Time of India
RI caught taking Rs 40k bribe
Sambalpur: Vigilance sleuths on Thursday arrested Bhisma Pradhan, revenue inspector (RI) of Goudpalli revenue circle under Jamankira tehsil while accepting a bribe of Rs 40,000 from a landless complainant. Tired of too many ads? go ad free now Pradhan had allegedly demanded the money in exchange of furnishing a favourable report in a land lease case and for issuing the record of rights (ROR) in favour of the complainant and his family members. Odisha vigilance in a release stated, "Since November 2024, the complainant was requesting Pradhan but Pradhan was demanding bribe Rs 40,000 to furnish a favourable report. Left with no other option, the complainant approached the vigilance authorities." Simultaneous searches are underway at two locations linked to the accused RI.
