Retired banker loses ₹65L in online share trading fraud
What's the story
A 73-year-old retired general manager of the Small Industries Development Bank of India (SIDBI) has allegedly been duped of ₹65.19 lakh in an online share trading fraud. The incident took place in Navi Mumbai, where the victim was lured into the scam by a group of fraudsters. The group admin had promised double returns through stock trading, leading the victim to believe it was an official forum due to its logo.
Scam tactics
Fraudsters used forged SEBI registration certificates to gain trust
The fraudsters lured the victim into downloading a fake app by providing a link. They also shared forged Securities and Exchange Board of India (SEBI) registration certificates to gain his trust.
Between June 30 and July 22, the victim transferred ₹65.19 lakh in multiple transactions to different bank accounts provided by these scammers.
Extortion attempt
Victim threatened, fraudsters demanded additional amount
The fraudulent app displayed a fictitious balance of ₹12.4 crore. When the victim attempted to withdraw funds, the fraudsters demanded an additional ₹27 lakh.
They threatened to freeze his account if he failed to pay up.
The victim later lodged a complaint on the national cyber crime portal, prompting an investigation by Navi Mumbai Cyber Police.
Legal action
Police on lookout for unidentified persons
The Navi Mumbai Cyber Police has registered a case against unidentified persons under Sections 318(4) (cheating), 319(2) (cheating by personation) and 3(5) of the Bharatiya Nyaya Sanhita.
They have also invoked provisions of the Information Technology Act in their investigation.
The police are on the lookout for the fraudsters who duped this retired SIDBI GM in an elaborate online share trading scam.