Mumbai, Oct 9 (PTI) A city-based businessman has lost Rs 1.25 crore to an online stock market investment fraud, police said on Wednesday.
A case of cheating was registered but the fraudsters were yet to be identified, said an official of the North Region Cyber police station.
The complainant, a Kandivali resident who runs an event management company, came across an advertisement on Instagram promising high returns in the share market in July, and joined a WhatsApp group run by one ‘Raman Verma’, he told cyber police.
A few days later ‘Verma’ encouraged the businessman to invest through his firm and sent him a link to a website, the complaint said.
After the businessman provided his personal details and uploaded some documents, he was induced to invest Rs 1.25 crore in various IPOs.
But the fraudsters then sold his shares without his consent, and when he asked for the return of his original investment and profit totaling Rs 2.25 crore, they asked him to first deposit an additional sum.
He did that, but the money was not transferred to his account and the fraudsters stopped responding to his messages, the complaint said.
Probe was on, the police official said. PTI ZA KRK
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