In yet another instance of rising investment frauds, a 55-year-old man lost Rs71 lakh in the stock trading investment scam in a span of over 20 days. The cons slyly made him download a bogus trading app and transfer money in different beneficiary accounts.
According to police, the man, a Thane resident and an engineer by profession, received a link on his WhatsApp on June 13. Upon clicking the link, he landed in a group where information regarding stock market investment was being shared. It comprised 106 members and the group administrator duo claimed to be stock market analysts. The scammers then shared a link with the complainant, asking him to download a trading app and create a login ID to start trading, said police.
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The frauds also began giving stock market investment tips to the man on his WhatsApp. From June 18 to July 10, he was induced to transfer Rs 71 lakh in five online transactions. However, when he asked the scammers for withdrawal of his ‘investment’, they told him that he would have to pay Rs10 lakh more for withdrawing his Rs10 crore profits.
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Suspicious, the man asked the scammers to return his money, but they again asked him to pump more funds. Having finally realised that he had been duped, he lodged a cheating case.
