Retired officer loses Rs 44 lakh in 47 days to fake share market app

• Scam lured officer through Facebook and WhatsApp

Lokmat News Network

Chhatrapati Sambhajinagar

A retired officer from a private company lost Rs 44 lakh in just 47 days after trusting a Facebook link and a fake share market app that promised huge profits. The scam became evident only when he tried to withdraw funds.

The 56-year-old, living in Chikalthana Industrial Area, had retired from a SEEDS company. On May 3, 2024, while checking a payment slip, he noticed Facebook ads for share market courses. Clicking the ad, he was added to a WhatsApp group by a person named Vikram Thakur. Group members posted messages about their “profits,” convincing him to install an app called CAPL Market. Following instructions from the group, he began transferring money to bank accounts shared by the scammers.

Fake app, inflated profits

On May 22, he invested Rs 20,000, and the app showed a profit of Rs 2,500 within three days. Encouraged, he continued transferring funds to multiple accounts. Over 47 days, he invested Rs 44 lakh, while the app displayed virtual profits of Rs 2.55 crore.

July: Scam uncovered

On July 8, when he tried to withdraw money, the app blocked transactions. Messages and calls to the WhatsApp group went unanswered. Realizing he had been duped, he first filed a complaint on the cyber portal. The case was later registered at MIDC Cidco police station. Senior police inspector Gajanan Kalyankar is investigating the matter.