Mumbai: In a shocking case of cyber fraud, an unidentified group of fraudsters duped a Kandivli-based businessman of ₹1.25 crore by sending a fake link under the guise of stock market investment. The North Regional Cyber Police Station has registered a case under the IT Act, and a manhunt is underway based on banking transaction details to track the accused.
According to police sources, the complainant, a resident of Mahavir Nagar, Kandivli, owns an event management company. In June, while at home, he came across an advertisement on Instagram promising stock market guidance. After clicking the ad, he was invited to join a WhatsApp group, where Raman Verma was the administrator. The accused claimed his company was officially registered and had helped numerous people invest in the stock market, boasting of high returns on these investments. Raman Verma then encouraged the businessman to invest in the stock market through his company, assuring him that it would be profitable.
The fraudsters sent the complainant a fake link, where he entered his name, personal details, and uploaded his documents. Following this, a password was sent to his mobile phone. On the advice of the group admin and others, the complainant invested ₹1.22 crore in IPOs between June and August 2024. However, without his consent, the accused transferred both the principal amount and the profit into another IPO and sold the shares he had purchased through mutual consent.
When the complainant realized this, he requested the return of both his original investment and the profit, totaling ₹2.25 crore, to his bank account. The fraudsters, however, demanded that he first deposit an additional sum before transferring the money. Despite this, the funds were not transferred, and eventually, they stopped responding to him altogether.
Once the complainant understood that he had been scammed, he filed a complaint with the North Cyber Police. After verification, the police registered a case under Sections 66(D) of the Bhartiya Nyay Sanhita and relevant sections of the IT Act against the unidentified accused. Based on the details of the bank account to which the funds were transferred, an investigation has been initiated.