Mumbai: The Vile Parle police have successfully recovered and credited Rs 3.5 lakh and Rs 2.6 lakh into the bank accounts of two students who fell prey to a cyber fraud linked to a fake stock market investment scheme. The recovery was made 45 days after the students lost their money between November 2024 and January 2025.
According to the police, the fraud originated from an Instagram link that led the students to a WhatsApp group comprising over 100 individuals posing as investors. The 19-year-old management student from Vile Parle, East, was the first to come across the misleading advertisement, with his friend joining the group shortly after. Convinced by the group's discussions and purported investment tips, they decided to invest after verifying the platform’s SEBI registration details.
The students transferred funds, believing the group’s claims. However, when they attempted to buy shares, they found that their accounts had been frozen. Upon raising concerns in the group, they were informed about the need for a 'VIP DMAT account' to proceed further.
As the fraud unfolded, the scammers demanded an additional 15% penalty for delayed IPO transactions, blocking any attempts by the students to withdraw their funds. Soon, they noticed group members disappearing and messages going unanswered, which led them to realise they had been dealing with fraudsters.
Rahul Sonawane, senior inspector, Vile Parle police station, stated, "The students filed a complaint on January 24, and we immediately took swift action by freezing the recipients' bank accounts and obtaining court approval to release the funds. We successfully halted the transactions and ensured the money was returned to the victims,"
