Social Media Link Leads To Share Trading Fraud, Techie Loses Rs 3.7 Crore

Police have registered a case against six persons for allegedly cheating a chemical engineer from Navi Mumbai in Maharashtra of Rs 3.7 crore after luring him to invest in shares for high returns, an official said on Tuesday.

On February 17, 2024, the 43-year-old victim, resident of Vashi area working with a private company, saw a link on his social media page about an opportunity to invest in shares.

He clicked on the link and got details of how to earn a good profit by investing in shares. A mobile number was also mentioned in the link for contacting, Navi Mumbai cyber police station's senior inspector Gajanan Kadam said.

Later, the victim started chatting on WhatsApp with one of the fraudsters who asked him to join different groups on the messaging app wherein the admins helped him in investments by providing various links.

One of the fraudsters also identified himself as a senior officer pertaining to securities in a well-known bank, the official said.

The victim invested Rs 3.7 crore between February 17 and April 24, he said.

He later found his investments in shares and IPOs had grown to Rs 22 to 23 crore.

When he was unable to withdraw any money, he contacted the numbers provided to him, but did not get any response, the official said.

The victim filed a complaint on Saturday following which the police registered a case against six persons under Indian Penal Code sections 419 (cheating by personation), 420 (cheating) and 34 (common intention) and provisions of the Information Technology Act.