A 40-year-old man has filed a complaint with the Mumbai Cyber Police after he lost Rs 46.4 lakh to a share trading cyber fraud. The police have begun an investigation and are trying to locate the culprits.
The Goregaon-based complainant works as a manager for a tech company. On April 6, he clicked on an Instagram post and was automatically added to a WhatsApp group ‘5 Paisa J03 Value Investment Portfolio’. The WhatsApp group had over 171 members, and information regarding various stocks was being shared on the platform, encouraging people to trade.
According to the police, one of the admins of the WhatsApp group on May 9, on an individual WhatsApp chat, encouraged the complainant to earn a good profit via their mobile application, ‘FIVE PAISA SES’.
The complainant followed their instructions, signed up on their app, and opened an account. After this, the admins and his associates would guide the complainant in trading. They would ask him to deposit money in their system for trading and earning money.
The complainant would follow the same and would see profit crediting in his account opened with their trading app, the FIR states.
For the next month, he did ‘trading’ following their instructions and could see a total of Rs 1.62 crore credited to his virtual wallet.
When the complainant tried to withdraw the same, his request was declined. When he contacted the system admin and their associates, they told him that his account had been blocked due to some rules violations, and once he paid the Rs 44.64 lakh penalty only he would get all the money, the FIR added.
This is when the complainant realised that he was being duped. The three accused persons regularly called him and threatened him to pay the money or else he would have to face action from SEBI for the ‘crime’, said an officer.
The complainant then approached the North Region Cyber Police and filed a complaint.
The police have registered a case under relevant sections of the Indian Penal Code and Information Technology Act for cheating, impersonation, forgery, criminal conspiracy, etc. against three suspects and are probing the matter.
Police are trying to trace the cyber fraud members by obtaining details of the transactions and the end beneficiaries, from the bank.
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