Daijiworld Media Network - Mumbai
Mumbai, Oct 9: A 56-year-old travel agency owner from Colaba has allegedly lost Rs 4.92 crore in an online share-trading investment scam after cyber criminals gained his confidence by allowing him to withdraw Rs 2.97 lakh in purported profits, police said.
The victim, who runs a tour operating and travel agency, was so convinced that the investment platform was genuine that he encouraged a 48-year-old employee to invest through it. The staff member subsequently lost around Rs 10 lakh, according to police.
The complainant had no prior experience in share-market investments, although he invested in systematic investment plans (SIPs) and mutual funds.
According to South Cyber police, the man came across an advertisement for stock trading on social media on August 10 and filled out a form linked to it. He was later contacted by a woman identifying herself as Ananya Sharma, who allegedly claimed to represent a company offering investment tips and added him to a WhatsApp group.
The complainant told police that the investment advice shared in the group appeared convincing, with members seemingly reporting substantial returns.
On August 17, Sharma allegedly contacted him again, explained how to use a share-trading platform and urged him to begin investing immediately. He subsequently downloaded the application as instructed.
Whenever the complainant selected an investment option, the application allegedly provided a bank account number to which he transferred money through RTGS or NEFT. The amounts appeared as investments on the application, while his portfolio displayed profits, police said.
By September 27, he had transferred around Rs 4.92 crore through the platform.
Police suspect that the fraudsters deliberately allowed him to withdraw Rs 2.97 lakh in purported profits on September 17 to establish trust and convince him that the investment platform was genuine.
Confident about the platform, the complainant encouraged his employee to invest through it, leading to a further loss of around Rs 10 lakh.
The fraud came to light when the complainant attempted to withdraw money again. His requests were repeatedly rejected. When he contacted Sharma, she allegedly told him that he had invested in initial public offerings (IPOs) and would have to deposit more money before he could withdraw his funds.
Suspicious of the explanation, the complainant approached the cybercrime helpline. The complaint was subsequently transferred to the South Cyber police, who registered a case of cheating, forgery and personation, along with relevant provisions of the Information Technology Act.
Further investigation is underway.