Navi Mumbai Man Loses Over Rs 1 Crore in Share Market Investment Fraud in Kalamboli

A 48-year-old resident of Roadpali in Kalamboli fell prey to cyber fraudsters, losing a staggering Rs 1.06 crores in a scam related to stock market investments. The fraudsters enticed the victim with promises of high returns on investments in the share market through their services.

The victim's involvement in stock market ventures began when he received a link on his WhatsApp number. Subsequently, he was added to a WhatsApp group comprising other members. Initially, he started with a modest investment amount and experienced profits through Vanguard Investment Group and DNP Trading.

After winning the confidence of the victim with initial profit, the cyber fraudsters lured him with a bigger return and encouraged him to invest more. Encouraged by promises of higher returns, he proceeded to invest a total of Rs 1,06,28,000 January 14, 2024  to March 1, 2024.

In the link provided by fraudsters, the victim can see his investment as well as profit. However, when he tried to withdraw, he failed to do it. When he tried to contact them, they did not respond.

Ultimately, he sought assistance from the Cyber Cell police and filed a complaint. The police registered a case of cheating under relevant sections of the IPC and IT Act (Revised) and initiated an investigation into the matter.

In another incident, a 49-year-old resident of Kharghar lost Rs 29.15 lakhs after he invested in a fake Goldman Sachs investment fund. The cyber fraudsters promised the victim with a high return on investment in the well-known investment funds. The victim did not verify and subsequently invested a total of Rs 29.15 lakhs and when he tried to withdraw, he could do it. Finally, he approached Kharghar police and registered a case.