Share Market Fraud: Woman Loses Rs 88 Lakhs In Cyber Fraud

We read a lot about 'how to prevent online scams', what we should do...what we should not do...multiple tips on the same thing repeatedly... but still such scams are happening frequently. In the name of luring profits in share market and threats of SEBI action, a Pune woman was cheated of Rs 88 lakhs in a case of cyber crime.
Share Market

Woman Loses Rs 88 Lakhs In Cyber Fraud In Share Market Fraud (Representative Image)

We read a lot about 'how to prevent online scams', what we should do...what we should not do...multiple tips on the same thing repeatedly... but still such scams are happening frequently. In the name of luring profits in share market and threats of SEBI action, a Pune woman was cheated of Rs 88 lakhs in a case of cyber crime.
The 37-year-old working woman, whos works with an international bank, lost Rs 88 lakh in a span of three weeks. Due to this fraud, she also took loan of Rs 18 lakh and mortgaged her jewelry for Rs 10 lakh in order to continue pay the cyber criminals.
The victim also filed an FIR at Alankar police station in the case. Last December, the woman across an advertisement on Instagram, which promoting a stock trading platform misusing the name of a California-based venture capital fund.
After creating profile, the woman was added to a WhatsApp group where admins and members discussed share trading tips and promised high profits. After that she started sending money to different accounts, resulting in apparent profits on the application. Notably, the scamsters assured her of 200 per cent returns on some investments.
Eventually, she was pressured to invest Rs 26 lakh, and when she hesitated, she faced threats of SEBI action and consequences for her family's international travel and her children's education prospects abroad. To maintain payments, she borrowed Rs 18 lakh and further mortgaged her jewelry for Rs 10 lakh. Despite investing a total of Rs 88 lakh over three weeks, the platform displayed a total profit of Rs 1.4 crores.
Upon attempting to withdraw money, she was told to pay a tax of Rs 17 lakh. Suspecting fraud, she conducted further internet searches, confirming her suspicions. She then approached the police, leading to the registration of an FIR following preliminary verification.
In another case, the cyber police has busted a gang of seven individuals, including a minor, with the help of the 'Pratibimb' portal. The case pertained to a Rs 16 crore cyber fraud. Around 5,000 complaints were received against the accused across the country, said the police.
The 'Pratibimb' is a portal that enables police to locate cybercriminals operating in their area. The officials have seized Rs 4.20 lakh in cash, four mobile phones and two SIM cards from their possession.
The police said a total of 4,875 complaints were received against the accused. As many as 215 cases have been registered across the country. Of which, 13 cases were registered in Haryana, including seven cases at the cyber police stations in Gurugram, they added.
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