Retired Navy Man Loses Rs 86.46 Lakh to Cyber Fraudsters in Stock Market Scam

Retired Navy man loses ₹86.46 lakh in sophisticated cyber fraud involving fake stock market app and promises of high profits. Police investigating, urge caution against suspicious investment offers.

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Retired Navy Man Loses Rs 86.46 Lakh to Cyber Fraudsters in Stock Market Scam

Retired Navy Man Loses Rs 86.46 Lakh to Cyber Fraudsters in Stock Market Scam

A 52-year-old retired Indian Navy man fell victim to a sophisticated cyber fraud, losing Rs 86.46 lakh after being deceived into investing in the stock market through a fake application. The fraudsters, posing as professors and experts, enticed the complainant with promises of high profits and engaged him in various tasks to gain his confidence.

The scam began when the complainant was contacted through an Instagram advertisement about investing in the stock market. He was then made to join a group called the 'Q26 Jonathan Simon Stock Elite Hub,' where the fraudsters claimed they could help him generate substantial profits. The complainant was instructed to contact an admin named Marilena Jonathan, who posed as an assistant to the professors.

Over time, the fraudsters gained the complainant's trust and persuaded him to transfer money to different bank accounts. However, when the complainant attempted to withdraw his earnings, he realized he had been deceived. The fraudsters demanded additional money, claiming he had to pay taxes before withdrawing his funds.

Why this matters: This incident highlights the growing threat of cyber fraud and the need for increased awareness and vigilance among investors. As more people turn to online platforms for investment opportunities, it is vital to exercise caution and verify the legitimacy of any investment scheme before committing funds.

The police have registered a case under relevant sections of the Indian Penal Code and Information Technology Act. An investigation is underway to trace the suspects involved in the scam. "We are gathering more information and working to track down the fraudsters. It is important for people to be cautious and report any suspicious investment offers to the authorities," said a police official involved in the case.

Key Takeaways

  • 52-year-old Indian Navy man lost ₹86.46 lakh in cyber fraud investment scam.
  • Fraudsters posed as experts, lured victim with promises of high profits on stock market.
  • Victim was made to transfer money to different bank accounts, unable to withdraw funds.
  • Police registered case, investigating to track down the fraudsters involved.
  • Incident highlights need for caution and verification of investment schemes online.