Noida Man Duped of ₹56 Lakh in Stock Market Fraud
Noida man loses ₹56L in stock investment fraud
Hindustan Times
Image: Hindustan Times
A 37-year-old man from Noida, Uttar Pradesh, India, lost ₹56 lakh (approximately $67,000 USD) in a stock market investment scam. After being lured into a fraudulent WhatsApp group, he invested in shares but was unable to withdraw his funds, leading him to file a police complaint.
- 01The victim lost ₹56 lakh in a stock market fraud.
- 02He was initially drawn into a WhatsApp group promising investment profits.
- 03Investments were made through a mobile application provided by the scammers.
- 04Attempts to withdraw funds were met with demands for additional payments.
- 05A case has been registered with the Cybercrime Branch to investigate.
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A 37-year-old man residing in Sector 53 of Noida, Uttar Pradesh, India, was scammed out of ₹56 lakh (approximately $67,000 USD) in a stock market investment fraud. The victim reported to the police that he was added to a WhatsApp group on February 9, where he was encouraged to invest in shares through a mobile application recommended by the group administrator. Initially investing ₹50,000, he eventually made a total of 24 transactions, amounting to ₹56.93 lakh by April 11. When he attempted to withdraw his funds, he faced demands for additional payments and received no satisfactory responses from the scammers. Realizing he had been deceived, he filed a complaint with the Cybercrime Branch on May 6. Authorities have registered a case under relevant sections of the Bharatiya Nyaya Sanhita and are currently tracing the money trail.
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This incident highlights the risks of online investment scams, affecting individuals' financial security.
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