Andheri woman duped of Rs 49 lakh in share trading scam

A woman from Andheri area in Mumbai was allegedly cheated of Rs 49 lakh in an online stock trading scam, an official said.

The Mumbai Police`s cyber crime cell had registered a case after the victim, a 54-year-old teacher, lodged a complaint about the matter.

According to police sources, the complainant is a teacher residing in the Andheri West area. She received a message from an unknown number last month while she was at home. The sender introduced himself as a representative of a reputed stock trading company and promised high returns on investments in the stock market.

Lured by the prospect of quick profits, the woman agreed to invest. She was then sent a link and added to a WhatsApp group, where stock market tips and investment advice were regularly shared. A woman in the group later sent her a link to an alleged investment platform and asked her to register by providing personal and financial details, the police said.

It said that impressed by the seemingly accurate trading tips, the woman proceeded to invest substantial amounts of money. Over time, she transferred around Rs 49 lakh into multiple bank accounts as directed by the group.

Soon after, she was informed that her investments had earned her a profit of Rs 1 crore, an official said.

However, when she attempted to withdraw the amount, the platform did not allow her to do so, he said.

Upon raising the issue in the WhatsApp group, she was provided with a contact number for the company’s so-called customer support, which then demanded additional payments under various pretexts, the police said.

Despite repeated follow-ups through calls and messages, she received no further response. Realising she had been duped, she approached the cyber police station and filed a complaint on May 6, said the official.

A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act.

Further investigations are underway.

This article first appeared on Mid Day