On Thursday, the police revealed that a 53-year-old woman in Noida Sector 23 was allegedly duped of Rs 87.50 lakh in a share market investment fraud. This happened between July 9 and August 8.
Share Trading & Initial Public Offering
On July 9, the woman told police that she received a WhatsApp message from an unidentified number. The message claimed to be from a private bank. A police officer revealed that the scammers offered to help the woman in share trading and Initial Public Offering (IPO) allotment. The application provided by the suspects showed a profit after the woman traded with Rs 1 lakh, so she increased the investment amount.
To buy more shares, the police said that after two to three payments, the suspects gave the victim an interest-free loan. According to the FIR, the scammers allotted more shares than the available funds in the woman's account, then, on their own, provided non-interest loans to complete the IPO initial payments.
The woman stated," I was forced to pay the loan amount. If I didn't, they (the fraudsters) said that they would freeze my invested funds. So I paid that large amount against the loan."
How Many Transactions Did The Victim Make?
Cybercrime branch station house officer Ranjeet Singh said that the victim completed 14 transactions and ended up losing Rs 87.50 lakh. On August 6, she attempted to withdraw her profit. She was not allowed to see it. She realised that she was not dealing with genuine private bank securities.
Which Sections Were The Case Filed Under?
The woman approached the police, and a case under sections 318 (cheating), 319 (cheating by personation) of the Bharatiya Nyaya Sanhita and the IT Act was registered.
