Mumbai Retiree Defrauded of ₹6.8 Crore in Online Stock Investment Scam
Tardeo resident loses ₹6.8 cr to ‘online stock investment’ scam
Hindustan Times
Image: Hindustan Times
A 59-year-old retiree from Tardeo, Mumbai, lost ₹6.8 crore to an online investment scam. Lured by promises of high returns from a fake London-based financial firm, he was manipulated into transferring money through multiple transactions before realizing it was a fraud.
- 01The victim was initially allowed to withdraw ₹20,000, creating a false sense of security.
- 02The scammers used the name of a legitimate London-based financial institution to gain trust.
- 03The total amount transferred by the victim was ₹6.8 crore across 48 transactions.
- 04The fraud occurred between April 11 and May 27, 2023.
- 05The police are investigating under the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act.
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A 59-year-old retiree from Tardeo, Mumbai, fell victim to an elaborate online stock investment scam, losing ₹6.8 crore. The fraudsters, posing as representatives of a London-based financial institution, attracted the victim through social media advertisements and a WhatsApp group where they shared enticing investment tips. Initially, the victim was allowed to withdraw ₹20,000, which led him to believe in the legitimacy of the scheme. They promised him substantial returns, claiming that his investment of less than ₹7 crore could yield profits of ₹149 crore. However, when he attempted to withdraw his earnings, the scammers requested additional investments, raising his suspicions. The South Cyber police reported that the victim transferred money in 48 different transactions to various bank accounts provided by the scammers between April 11 and May 27, 2023. Following the incident, he filed a complaint citing cheating by impersonation, forgery, and criminal conspiracy under relevant laws.
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This incident highlights the growing threat of online investment scams, affecting public trust in digital financial platforms.
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