Mumbai: Event Management Firm Owner Loses Rs 1.22 Crore in IPO Investment Fraud
An event management company owner in Mumbai lost over Rs 1.22 crore to cyber fraudsters who tricked him into investing in share market IPOs with promises of high returns.
Cyber FraudIpo InvestmentMumbaiEvent ManagementShare MarketReal Estate MumbaiOct 07, 2024
The fraud began on June 17 when the victim saw an advertisement on Instagram promoting investment tips for the share market. Intrigued, he joined a WhatsApp group named 'D41 Nuvama Services Group,' which claimed to offer training on share investments. On August 19, a man identifying himself as Raman Varna, the 'chief strategist' at Nuvama Securities, contacted the victim via WhatsApp. Varna urged the victim to invest in the share market and provided a link to download an app for the investment process.
Trusting the source, the victim filled out the form and shared sensitive personal information, including his banking details and passwords. He then started transferring funds under the pretext of investing in shares. The fraudsters began using the victim's money to invest in IPOs without his consent and claimed to be depositing profits into other IPOs.
After the victim had deposited over Rs 1.22 crore, the fraudsters demanded an additional Rs 2.25 crore. When the victim expressed his inability to comply, they allegedly coerced him into accepting a loan of the same amount, which they then deposited into his trading account without his permission.
Realizing he had fallen victim to a scam, the victim contacted the cyber helpline at 1930 on August 28 and formally lodged a complaint. A case has been registered against the unidentified fraudsters, and the cyber police have initiated a probe into the matter.
This incident highlights the growing threat of cyber fraud and the importance of being cautious when dealing with unsolicited investment opportunities, especially those that promise unusually high returns. Victims of such scams are advised to report the incident to the nearest cyber police station immediately.
North Region Cyber Police Station\nThe North Region Cyber Police Station is a dedicated unit of the Mumbai Police, established to combat cyber crimes and provide assistance to victims. They focus on investigating and preventing various forms of cyber fraud, including financial scams, identity theft, and online harassment.
Frequently Asked Questions
What triggered the victim to join the WhatsApp group?
The victim saw an advertisement on Instagram promoting investment tips for the share market, which led him to join the WhatsApp group named 'D41 Nuvama Services Group.'
Who contacted the victim and what was their role?
A man identifying himself as Raman Varna, the 'chief strategist' at Nuvama Securities, contacted the victim via WhatsApp and urged him to invest in the share market.
How much money did the victim lose?
The victim lost over Rs 1.22 crore to the cyber fraudsters.
What did the fraudsters do with the victim's money?
The fraudsters started investing the victim’s money in IPOs without his consent and later claimed to deposit profits into other IPOs.
How did the victim realize he was a victim of a scam?
When the fraudsters demanded an additional Rs 2.25 crore and coerced him into accepting a loan of the same amount, the victim realized he had fallen prey to a scam and contacted the cyber helpline.
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