Nashik: Cyber Fraudsters Dupe Four Residents of Rs 55.41 Lakh in Fake Stock Market Scheme

In a shocking case of online fraud, cyber scammers cheated four residents of Nashik by luring them into investing in the stock market through fake promises of high returns. The total amount duped is a staggering ₹55.41 lakh.

According to the Cyber Police, the fraud began in April, when the scammers contacted the victims through WhatsApp. They were added to a WhatsApp group and were promised large profits if they invested in the share market through special links provided by the fraudsters.

The scammers used WhatsApp calls to communicate and build trust. Believing the scheme to be genuine, the main complainant invested ₹11.46 lakh, while the other three victims together invested ₹43.95 lakh, making a total loss of ₹55,41,720.

For two months, the victims waited for their promised returns or even a refund, but they received nothing. Realizing they had been cheated, they approached the Cyber Police Station, where a case has now been registered under the IT Act and cheating sections of the IPC.

Cyber Police Inspector Riyaz Sheikh is currently investigating the case. Authorities have urged citizens to be extremely cautious while investing money through online platforms and to avoid clicking on suspicious links or joining unknown groups.