Nagpur Businessman Loses Rs 87 Lakhs in Online Trading Scam Promising High Returns

The victim, Mishra, was lured by the fraudsters who promised him a profit of Rs 8 crore but ended up losing a substantial amount in just 10 days. He has since filed a complaint with the Lakadganj police station.
Representative Image

Image: Unsplash

Online investors are being cautioned as cases of online trading fraud have surged, with scamsters enticing individuals with promises of high returns. A recent incident involved a 41-year-old businessman from Nagpur who lost Rs 87 lakhs to a fake online trading platform purportedly linked to the New York Stock Exchange. The victim, Mishra, was lured by the fraudsters who promised him a profit of Rs 8 crore but ended up losing a substantial amount in just 10 days. He has since filed a complaint with the Lakadganj police station.
The scam began when Mishra received a friend request on Facebook from Jesleen Prasad, the accused, who introduced him to the fraudulent trading portal newyorkstockexchangev.top. Prasad gained Mishra's trust by showing him screenshots of other investors' successful trades. Initially, Mishra invested small amounts and saw quick returns, which were promptly credited to his bank account, further building his confidence.
Encouraged by these early successes, Mishra was offered a chance to invest Rs 30 lakh with the promise of a 10x return, contingent on sharing 10% of the profit with the operators. However, within 10 minutes, the entire investment was wiped out. When Mishra contacted Prasad, he was told the losses were due to not following instructions properly.
Undeterred, Mishra was given another opportunity to invest Rs 57 lakh with the promise of 10x gains. This time, the trading screen showed a profit of Rs 8 crore. When he attempted to transfer the amount to his bank account, Mishra was told he needed to pay an additional Rs 82 lakh for a security code. Realizing he was being scammed, Mishra filed a police complaint.
To avoid falling victim to such scams, investors are advised to thoroughly research trading platforms and companies, look for reviews and regulatory compliance, and be cautious of unrealistic promises. Ensuring the website uses HTTPS and has a secure connection, and being wary of pressure to act quickly or demands for personal information or payment, are also recommended precautions.
End of Article
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news