Navi Mumbai: A 73-year-old retired general manager of the Small Industries Development Bank of India (SIDBI) has allegedly lost Rs 65.19 lakh in an online share trading fraud after being lured by fraudsters promising unusually high returns through stock investments.
According to the police, the retired banker, who lives in Kharghar, Navi Mumbai, was added to a WhatsApp group on June 23. The group administrator claimed to offer expert stock market advice and promised to double investors' money through share trading.
Police said the WhatsApp group appeared genuine because it carried an official-looking logo, making the victim believe it was a trusted investment platform.
The fraudsters then persuaded him to download a fake trading application through a link shared in the group. They also sent forged registration certificates, claiming they were issued by the Securities and Exchange Board of India (SEBI), to gain his confidence.
Believing the investment platform to be genuine, the retired official transferred Rs 65.19 lakh between June 30 and July 22 in several transactions to different bank accounts provided by the accused.
The fake trading application later showed that his investment had grown to Rs 12.4 crore. However, when the victim tried to withdraw the money, the fraudsters demanded an additional Rs 27 lakh as a processing charge. They also allegedly threatened to freeze his account if he failed to make the payment.
Realising that he had been cheated, the victim filed a complaint on the National Cyber Crime Reporting Portal, following which an investigation was launched.
The Navi Mumbai Cyber Police registered a case on July 24 against unidentified persons under Sections 318(4) and 319(2) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with relevant provisions of the Information Technology Act.
Police have started an investigation to trace the accused and identify the bank accounts used in the fraud.
