Retired financial professional duped of Rs 2 crore in stock market fraud in Mumbai | Mumbai News

An officer probing the matter said, “The complainant was initially contacted by the frauds in the first week of December. A woman, identified as Gayatri Devi, called him directly on WhatsApp and alleged that their company was analysing the stock market. Due to their expertise, they could help him earn high returns.”

The victim was added to a WhatsApp group. To lure him, the police said that the group had over 150 members, and someone would regularly post a message claiming that they had earned a huge sum.

The police said the fraudsters had even created an application similar to a well-known investment company to lure people into investing.

An officer said, “The imposers would even thank the admin and the people affiliated with the company.” However, after observing for over a month, the victim started investing money.

The police said the fraudsters would ask him to transfer the amount to their bank account, and the complainant would follow their instructions.

Subsequently, to maintain the trust, the police said that the fraudsters would keep updating his profile on the application.

The complainant made around 24 transactions to transfer Rs 1.98 crore to the fraudsters’ bank accounts. “While on the application, the complainant’s profile showed that his earning is Rs 14 crores,” said an investigator.

The incident came to light when the victim showed interest in withdrawing some of his money. As the fraudsters started demanding money in the form of taxes for the withdrawal, the complainant sensed something amiss and visited the company’s office.

The victim realised that he was duped after which he lodged a complaint with the central cyber police station in March. After conducting preliminary inquiry, the police filed a case under relevant sections of cheating, impersonation and forgery of the Indian Penal Code and Information Technology Act.

During the investigation, the police learned that the money was withdrawn in Assam, Jharkhand, Tamil Nadu, and Jharkhand.

“But there was one account holder that stayed in Ghatkopar,” said an investigator, adding, “We then got his address and mobile phone, after which we laid a trap around his house and arrested him.”

In his interrogation, the accused, identified as Surendra Surve, alleged that the fraudsters had put up an advertisement offering jobs as a cleaner or an office boy. He had applied for a job and submitted his documents as part of the recruitment process.

“The frauds then opened a bank account in his name and started using his account to transfer the amount earned through fraud,” said an officer.

However, the investigator has learnt that Surve was paid some amount, which is why he allowed the fraudsters to use his bank account to commit the crime.

The police said they are trying to establish the location of the mastermind of the crime and arrest them.