Daijiworld Media Network- Mumbai

Mumbai, Apr 4: In a shocking incident of cyber fraud, a 50-year-old freelance consultant residing in Lokhandwala Complex, Kandivali East, was duped of Rs 1.67 crore by online scammers who lured her with promises of high returns from share trading and IPO subscriptions.

According to police sources, the fraud occurred between February 2 and March 14 this year. The victim lodged a complaint at the North Region Cyber Police Station on Wednesday, following which a case was registered against four unidentified individuals under relevant sections of the Bharatiya Nyaya Sanhita and Information Technology Act.

Speaking to the media, an official revealed that the woman, who is active on various social media platforms including Instagram, came across an advertisement related to share trading on Instagram on February 2. Upon clicking the link provided in the advertisement, she was added to a WhatsApp group where the alleged fraudsters claimed to be representatives of a company named TradeSmart, involved in share trading, block trading, and IPO subscriptions.

Lured by the prospect of lucrative profits, the woman reportedly transferred Rs 1.67 crore over the course of the next few weeks. However, when no returns materialized, she realized she had been duped and subsequently approached the cyber police.

The police have launched an investigation into the matter and are working to trace the perpetrators. Authorities have also urged the public to remain cautious of online schemes promising quick and high returns, especially through unverified platforms.