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Noida dealer duped of ₹35.20 lakh in on-line funding rip-off


Feb 04, 2025 06:44 PM IST

Police stated that the sufferer actively traded within the inventory market and was searching for methods to recuperate his losses when he got here throughout an funding agency’s advert

A 40-year-old man misplaced 35.20 lakh after being duped by an alleged fraudulent funding agency he discovered on a social media platform, police stated. The sufferer, recognized as Ashfaq Ali, a resident of Sector 55, Noida, was lured into investing in a rip-off from December 12, 2024, to January 15, 2025. A case of dishonest was registered on the Cybercrime Department police station on Monday, officers added.

The accused allegedly displayed artificial profits through IPO subscriptions to encourage further investments. (Getty Images)
The accused allegedly displayed synthetic earnings by IPO subscriptions to encourage additional investments. (Getty Pictures)

In keeping with police, Ali, who actively trades within the inventory market, was searching for methods to recuperate his losses when he got here throughout an funding agency’s commercial on a social media platform. “He clicked on the hyperlink out of curiosity, following which he obtained a message on his messaging app from an unidentified quantity. The sender invited him to affix an funding group on the app,” stated a police officer, requesting anonymity. 

The police investigation revealed that originally, the fraudsters recommended shares that led to minor earnings in Ali’s Demat account, which helped acquire his belief. “Later, they persuaded him to speculate by their very own funding platform, offering completely different checking account particulars for the transactions,” reads the FIR.

The accused allegedly displayed synthetic earnings by IPO subscriptions to encourage additional investments. Cybercrime Department station home officer (SHO) Ranjeet Kumar Singh stated, “Initially, he started buying and selling with 10,000, however over time, he stored investing extra. In 14 transactions, he misplaced 35.20 lakh.”

Police stated Ali realised he was being defrauded when the suspects demanded an extra 5 lakh to cowl an alleged deficit. Realising he had been scammed, he lodged a grievance with the cybercrime department on January 18. Primarily based on his grievance, an FIR was registered below Sections 318(4) (dishonest) and 319(2) (dishonest by personation) of the Bharatiya Nyaya Sanhita, together with provisions of the IT Act. Additional investigation is underway, they added. 

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