Mumbai: Elderly Man Defrauded of Rs. 1.92 Crore in Stock Market Scam, Accused Arrested

Mumbai: The Central Region Cyber Police of Mumbai crime branch have arrested an individual for committing cyber fraud against a 71-year-old man, deceiving him out of Rs 1.92 crore. The accused cheated the complainant by enticing him with promises of doubling his profits through stock market investments.

According to information provided by the Cyber Police, the complainant is a retired individual living in the Worli area. He received a link on social media that claimed one could earn profits by investing in the stock market. Upon clicking the link, the complainant was added to a WhatsApp group where existing members were discussing the profits they had made from stock market investments.

Influenced by the profits reported by others in the WhatsApp group, the complainant decided to invest himself. He spoke to the group admin, who instructed him to open an institution account and later a virtual account through an app.

A police officer stated that the complainant invested Rs 1.92 crore in multiple installments. Subsequently, the accused urged him to invest an additional Rs 2 crore. When the complainant expressed his inability to invest more, the accused offered a 50 percent discount, which aroused the complainant’s suspicion.

Initially, the complainant was informed that he was investing through a company called Karm Capital Share Trading Ltd. However, when he visited the company's office, he discovered that a fraudulent account had been created in the company's name to deceive people.

The fraud was reported to the Central Cyber Region Police in Worli. During the investigation, Surendra Surve (51) from Ghatkopar was arrested. Police presented Surve in court, revealing that approximately Rs 70 lakh from the complainant’s account had been transferred to the accused's bank account and then moved to another person’s account. The court has remanded the accused, Surendra Surve, who is a painter by profession, to police custody until June 14.

The police told the court that the complainant had joined the WhatsApp group in the month of December and monitored the group for a month. From January to March, he had deposited money in the accounts mentioned by the accused in the name of investment.

Police officials have urged people not to fall for the allure of making profits on social media and to avoid clicking on unknown links.