Company manager loses Rs 32L in online stock market scam

Lokmat News Network

Chhatrapati Sambhajinagar:

After incidents involving an airport deputy manager, an IT engineer, and a regional manager of a pharmaceutical company, a fourth case in 10 days has emerged where a company manager fell prey to a stock market scam. Enticed by the promise of double returns, a 44-year-old man lost Rs 31.60 lakhs in just 28 days. Notably, it was only after transferring the entire amount in ten installments that he realised of being defrauded.

The victim Jayesh stays with his family in Ulkanagari. In December 2023, he came across an advertisement on Instagram regarding investments in the stock market. Clicking on the ad provided him with contact numbers for "Allyworld Sniper Team" and "Official Stock Securities33." A person named Virad Gandhi introduced himself as an official stock broker representative and advised him to install two apps. Through these apps, the cyber criminals lured him into investing money by showing promises of higher returns.

Virtual Profits

Between January 2 and January 30, 2024, the manager transferred Rs 31.60 lakh in ten installments. He was shown profits as per the stock market trends, but these were virtual. A few days after January 30, when he attempted to withdraw the profit amount, he realised the fraud. He then approached the cyber police. A case was registered at Jawaharnagar Police Station on Wednesday (July 10), and further investigation is on by police inspector Suraj Bandgar.

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Do not trust numbers starting with 44, 68

Advertisements for stock markets on Facebook and Instagram are often unreliable. In the past eight days, four such fraud cases have been registered.

Primarily, contact numbers beginning with 44, 68, or resembling foreign numbers can often be deceptive. Verify before contacting them.

Do not share bank details on unfamiliar websites or persons. Verify the company or person's profile before sending money online.

Do not install unknown apps on your mobile phone.