Noida dealer duped of ₹35.20 lakh in on-line funding rip-off
Feb 04, 2025 06:44 PM IST
Police mentioned that the sufferer actively traded within the inventory market and was on the lookout for methods to get better 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 mentioned. 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.
In accordance with police, Ali, who actively trades within the inventory market, was on the lookout for methods to get better 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,” mentioned a police officer, requesting anonymity.
The police investigation revealed that originally, the fraudsters instructed shares that led to minor earnings in Ali’s Demat account, which helped achieve his belief. “Later, they persuaded him to take a position by means of their very own funding platform, offering completely different checking account particulars for the transactions,” reads the FIR.
The accused allegedly displayed synthetic earnings by means of IPO subscriptions to encourage additional investments. Cybercrime Department station home officer (SHO) Ranjeet Kumar Singh mentioned, “Initially, he started buying and selling with ₹10,000, however over time, he saved investing extra. In 14 transactions, he misplaced ₹35.20 lakh.”
Police mentioned Ali realised he was being defrauded when the suspects demanded a further ₹5 lakh to cowl an alleged deficit. Realising he had been scammed, he lodged a grievance with the cybercrime department on January 18. Based mostly 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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