1. Retired financial professional stock market fraud Mumbai
2. Mumbai News financial professional duped stock market fraud.
Accident – Death – Obituary News : The Mumbai crime branch’s cyber police have apprehended a 51-year-old painter from Ghatkopar in connection with the alleged swindling of a 71-year-old retired financial professional to the tune of nearly Rs 2 crore, promising high returns through stock market investments.
According to authorities, the fraudsters went to great lengths, even creating a fake application resembling a reputable investment firm, to entice victims into parting with their money. The victim, who invested between January 8 and March 7 this year, fell prey to the elaborate scheme.
An investigating officer revealed, “The victim was initially approached by the scammers in early December. A woman named Gayatri Devi contacted him via WhatsApp, claiming their company had exceptional insights into the stock market and could help him generate substantial profits.”
The victim was then added to a WhatsApp group boasting over 150 members, where individuals would frequently share messages about their supposed financial windfalls to entice others to invest.
To build trust, the fraudsters would regularly update the victim’s profile on the fake application, showcasing fictitious earnings to maintain the illusion of success.
Over the course of several transactions, the victim transferred a total of Rs 1.98 crore to the fraudsters’ accounts, under the belief that his returns amounted to a staggering Rs 14 crores. The deception unraveled when the victim attempted to withdraw funds and was asked to pay additional taxes by the scammers.
Realizing he had been deceived, the victim lodged a complaint with the central cyber police station in March. Subsequent inquiries led to the filing of charges under relevant sections of the Indian Penal Code and Information Technology Act.
Further investigation revealed that the ill-gotten funds had been withdrawn in various locations across India, including Assam, Jharkhand, and Tamil Nadu. Ultimately, the trail led back to a resident of Ghatkopar, prompting the police to arrest Surendra Surve.
During interrogation, Surve claimed he had responded to a job advertisement posted by the fraudsters and unwittingly allowed them to use his bank account for their criminal activities. It was uncovered that Surve had received some compensation for his role in the scam, incentivizing his involvement.
Efforts are now underway to trace and apprehend the mastermind behind the elaborate fraud scheme. The authorities remain committed to bringing all perpetrators to justice and safeguarding the public from such malicious activities..
1. Retired financial professional duped of Rs crore in stock market fraud in Mumbai
2. Retired financial professional duped of Rs crore in stock market fraud in Mumbai.
