Mumbai: Event Management Firm Owner Duped of Rs 1.22 Crore in IPO Investment Scam

A 47-year-old event management company owner from Kandivali (West) lost over Rs 1.22 crore to cyber fraudsters who duped him into investing in IPOs with promises of high returns, police reported on Monday. The complaint, filed on October 5 at the North Region Cyber Police Station, revealed that the fraud occurred between June 17 and August 28.

The victim came across an Instagram advertisement on June 17 that promoted investment tips for the share market. He subsequently joined a WhatsApp group named "D41 Nuvama Services Group," which claimed to offer training and guidance on share investments.

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On August 19, a man identifying himself as Raman Varna, the "chief strategist" at Nuvama Securities, contacted the victim via WhatsApp, urging him to invest in the share market. He provided a link, directing the victim to download an app, according to an official statement. Trusting the source, the victim filled out a form, revealing sensitive personal information, including banking details and passwords. He then began transferring funds, believing they were being invested in shares. However, the fraudsters started investing the victim's money in IPOs (Initial Public Offerings) without his consent and later falsely claimed to have deposited profits into other IPOs.

After the victim had deposited over Rs 1.22 crore, the fraudsters demanded an additional Rs 2.25 crore. When the victim was unable to comply, they allegedly coerced him into accepting a loan of the same amount, which was deposited into his trading account without his consent. Realizing he had been scammed, the victim contacted the cyber helpline at 1930 on August 28 and lodged a formal complaint. Following an investigation, a case was registered against the unidentified fraudsters, according to officials.