Stock market fraudster dupes businessman of more than 1 crore rupees

A Kandivali-based businessman has fallen victim to a stock market investment fraud, losing Rs 1.25 crore. The case was reported on Wednesday by the North Region Cyber Police. The businessman, who runs an event management firm, was lured by an Instagram ad in July that promised high returns on stock market investments.

According to the police, the businessman joined a WhatsApp group run by a person named 'Raman Verma' after coming across the ad. Verma convinced him to invest through his firm, directing him to a website where the businessman provided personal information and submitted documents.

The businessman was then encouraged to invest Rs 1.25 crore in various Initial Public Offerings (IPOs). However, the fraudsters allegedly sold his shares without consent. When the businessman asked for the return of his original investment along with the promised profit, amounting to Rs 2.25 crore, the fraudsters demanded additional funds before processing the payout. After the businessman transferred more money, they cut off communication.

The North Region Cyber Police have registered a case of cheating, and investigations are underway to identify the culprits.

This incident highlights the growing number of online stock market frauds, urging investors to be cautious of unverified platforms and dubious investment offers.