Mumbai: Sales Manager Duped of Rs 88.56 Lakh in Stock Investment Scam; Surge in Fraud Cases Reported

A sales manager of a private company has reportedly been duped of ₹88.56 lakh in a stock investment scam. Incidents of such fraud have been on the rise in recent months. The North Regional Cyber Police have registered a case and are investigating the matter with the help of the bank’s department.

The complainant, who works as a sales manager at a private company, encountered an advertisement on social media last year. After clicking on the link in the ad, he was added to a WhatsApp group of a reputed company that provided information on buying and selling shares. In June, a woman from the group messaged him, asking him to download an app to facilitate the trading of shares.

After downloading the app and completing the KYC process, the woman repeatedly urged him to deposit money into a bank account. Following her instructions, the complainant began depositing amounts into the specified account. After sending the money, he was led to believe that he had made a profit on the shares he purchased. Subsequently, the woman asked him to leave that group and join another one.

As per the woman's instructions, the complainant deposited a total of ₹88.56 lakh into the app. After investing the money, he requested the woman to withdraw the accrued profits. She guided him on how to withdraw the profits from the app, and he even managed to withdraw a portion of the profits on two occasions.

However, when he observed that a total of ₹5.11 crore had been credited to the app, he found himself unable to transfer the amount to his bank account. Concerned, he asked the company to transfer the remaining balance to his bank account. In response, a person asked him to deposit an additional ₹70 lakh. Unable to pay this amount, the complainant grew suspicious and decided to visit the company’s office for an inquiry. There, he discovered that no one by that name worked at the company.

He was also informed that the company did not provide any stock trading tips. Realizing that he had been defrauded, he approached the North Regional Cyber Police Station. The police have registered a case, and an investigation is currently underway.