Mumbai’s cyber police have initiated an investigation into a case where a Bombay High Court lawyer was scammed of Rs 1.58 crore. The fraud began when the lawyer, from Khar, received an invitation to join a WhatsApp group promising huge profits from share trading. This happened on July 13, 2024, and the group claimed to be associated with a well-known US-based securities company.
After joining the group, named “VIP,” the lawyer received share market tips and began making small investments, initially earning profits. Gradually, the fraudsters gained his trust and convinced him to install a trading app, BVE. The lawyer continued investing, and over time, he deposited a total of Rs 1.58 crore into the app. He was shown a fake profit of Rs 4 crore on the platform.
However, when the lawyer attempted to withdraw his money, his request was denied. The fraudsters instructed him to pay a “tax” in order to release the funds. Despite following the instructions and paying the fees, the lawyer was unable to retrieve his money. Eventually, the fraudsters removed him from their WhatsApp group.
The lawyer filed a complaint with the West region cyber police station on December 26, 2024. The police are now tracking the money trail to identify the fraudsters behind the scam.
Mumbai’s cyber police have recorded over 1,000 FIRs in 2024 concerning cyber frauds linked to share trading. In previous years, investment frauds of Rs 3.87 crore in 2022 and Rs 7.76 crore in 2023 were reported. Fraud groups, often from other states, target individuals new to the stock market, with many victims being professionals such as chartered accountants, doctors, lawyers, and government officers.
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