Retired Man Loses ₹3.91 Crore In Fake Stock Scam

A 67-year-old retired man from Bhopal, Madhya Pradesh, has lost ₹3.91 crore to cyber fraudsters who promised him huge returns through stock market and IPO investments. The victim, Ashok Kumar Sharma, came across an investment advertisement on social media in May, which led to a woman contacting him on WhatsApp, claiming to be an official of a private stock trading firm.

The woman, who identified herself as Ananya Kulkarni, offered Sharma investment opportunities under a special plan with returns of up to 200% and shared a fake SEBI registration certificate. Sharma was then added to a WhatsApp group, where he was instructed to download a trading app called FSPL Smart and complete KYC by submitting his PAN details.

Between June 11 and July 9, Sharma transferred ₹3,91,25,538.26 through RTGS and online transactions into multiple bank accounts, as persuaded by the fraudsters. However, when he attempted to withdraw the amount after the app displayed his investment as having grown to an unbelievable ₹62.31 billion, the fraudsters demanded an additional 20% of the displayed amount as processing charges.

Realising he had been duped, Sharma approached the Cyber Police, who registered a case against unidentified accused and launched an investigation. This incident is part of a larger trend of cyber fraud in the region, with Cyber Police officials reporting that ₹14.86 crore has been lost to such scams since November.

The fraudsters used a combination of social media advertisements, WhatsApp groups, fake trading applications, and forged SEBI registration documents to gain Sharma's trust. The case highlights the importance of being cautious when investing in the stock market and verifying the authenticity of investment opportunities.

The Cyber Police have registered 240 cases of cyber fraud since November, involving fraud worth ₹14.86 crore. The police have urged citizens to be vigilant and report any suspicious activities to prevent such scams.

The incident has raised concerns about the safety of online investments and the need for greater awareness about cyber fraud. The Cyber Police are investigating the matter and have appealed to the public to come forward with any information that may help in catching the accused.

In a separate initiative, the Cyber Police have launched an e-zero FIR initiative to tackle cybercrime. The initiative has received 279 complaints since November, and the police are working to resolve these cases and bring the perpetrators to justice.

The loss of ₹3.91 crore by the retired man is a significant amount, and the incident highlights the need for citizens to be cautious when investing online. The Cyber Police are working to prevent such scams and have urged citizens to report any suspicious activities to prevent further losses.

The case is under investigation, and the Cyber Police are working to track down the accused and recover the lost amount. The incident serves as a reminder to citizens to be vigilant and cautious when investing online and to verify the authenticity of investment opportunities before transferring any funds.

In conclusion, the incident of the retired man losing ₹3.91 crore to cyber fraudsters is a serious concern and highlights the need for greater awareness about cyber fraud and online safety. The Cyber Police are working to prevent such scams and have urged citizens to report any suspicious activities to prevent further losses.