Share market scam traps 5.69 Lakh

Lokmat News Network

Chhatrapati Sambhajinagar

Cyber fraudsters duped 1.25 lakh people by luring them into share market investments, with one victim losing Rs 5.69 lakh alone. The incident occurred between June 11 and July 23, leading to the registration of a case against five people at MIDC Cidco Police Station.

According to the complaint filed by Pravin Shirsat (Savitri Nagar), he works at a company in Shendra MIDC. On June 11, he received a call from Rahul Yadav, who promised profits through share market investment via Algo software. Pravin opened a Demat account on Max Capital Prime by uploading his Aadhaar and PAN. Initially, he invested Rs 25,600. Seeing returns, he was urged to invest more in Forex commodities.

When he said he had no funds, Rs 63,000 was taken as margin. Between June 19–23, Pravin paid Rs 59,000, but the app showed another Rs 51,000 as margin. On requesting withdrawal, he was asked to pay Rs 68,000 as capital gains, which he did. The fraudsters continued creating reasons for additional payments. On July 7, he paid Rs 70,000, and on July 9, Rs 60,000 for GST and other charges, totaling Rs 5.69 lakh. As withdrawals failed, Pravin filed an online complaint on the NCCRRP portal, stating the total loss including alleged profits was Rs 9.43 lakhs .

Accused Identified

The accused include Rahul Yadav, Harshad Jain, Vishal Jain, Yash Thakur, and Ajay.