Mumbai, Oct 7 (PTI) An event management company owner lost over Rs 1.22 crore to cyber fraudsters who tricked him into investing in share market IPOs promising lucrative returns, police said on Monday.
The complaint was lodged on October 5 at the North Region Cyber Police Station by a 47-year-old resident of Kandivali (west). According to the victim, the fraud unfolded between June 17 and August 28.
The victim encountered an advertisement on Instagram on June 17, promoting investment tips for the share market. He joined a WhatsApp group named “D41 Nuvama Services Group,” which was purportedly dedicated to training individuals on share investments.
On August 19, a man identifying himself as Raman Varna, “chief strategist” at Nuvama Securities, contacted the victim via WhatsApp. He urged the victim to invest in the share market and directed him to download an app through a link he provided, the official said.
Trusting the source, the victim filled out the form, disclosing sensitive personal information, including banking details and passwords. Subsequently, he began transferring funds under the pretext of investing in shares.
The fraudsters started investing the victim’s money in IPO (Initial Public Offering) without his consent and later claimed to deposit profits into other IPOs.
After the victim had deposited over Rs 1.22 crore, the fraudsters demanded an additional Rs 2.25 crore. When the victim expressed his inability to comply, they allegedly coerced him into accepting a loan of the same amount, which they deposited into his trading account without his permission.
Realising he had fallen prey to a scam, the victim contacted the cyber helpline at 1930 on August 28 and lodged a formal complaint. Following an investigation, a case was registered against the unidentified fraudsters, the official said.
The cyber police have initiated a probe into the matter. PTI DC NSK
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