Shocker! Mumbai man loses ₹58 lakh to cyber fraud
What's the story
A 60-year-old design consultant from Navi Mumbai has been duped of ₹58 lakh by cybercriminals.
The fraudsters lured the victim with promises of high returns on share investments, police reports said.
Based on the victim's complaint, a case was registered against five persons under sections 336 (3) (forgery), 318(4) (cheating by personation), and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and Information Technology Act.
Modus operandi
Scammers used online links for fraudulent transactions
The scammers first contacted the victim in October, promising huge returns from share investments. They gave him online links and asked him to use these for depositing money for investments. The victim lost ₹58 lakh between October 16 and November 28, according to police reports.
Deceptive affiliation
Fraudsters posed as bank staff
The fraudsters posed as members of the share trading division of a nationalized bank.
When the victim asked them about his money and returns, they couldn't give satisfactory answers.
The victim's investment statement showed a balance of ₹5.12 crore in his account, but he couldn't withdraw the amount, thanks to the scammers' tricks.
Police intervention
Victim approached police after realizing he was cheated
The scammers then demanded another ₹50.8 lakh from the victim to access his funds.
Realizing that he had been duped, the victim approached the Cyber Police for help.
The case is now under investigation by authorities who are working to nab the culprits and also recover the stolen money as soon as possible.