The Nigdi police have registered a case against three individuals for allegedly defrauding a 23-year-old man and his friend of Rs22 lakh. The accused promised high returns on stock market investments, luring the victims into a scheme that spanned from October 2023 to October 2025.
Case Details
Based on the victims' complaint, the police invoked Section 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS) and relevant sections of the Information Technology Act. The complainant and the accused were known to each other, which facilitated the fraud.
Modus Operandi
The suspects allegedly promised a guaranteed profit of at least 8% on investments. They directed the victims to a specific website where they could monitor their investments. Trusting their acquaintances, the duo transferred a total of Rs22 lakh to various bank accounts provided by the accused.
An officer from the Nigdi police stated, "While the website displayed lucrative virtual profits on their dashboard, the victims were blocked from withdrawing any funds when they attempted to do so."
Response to Complaints
Initially, when the victims questioned the withdrawal issues, the trio offered verbal assurances that the money would be returned. However, they soon began avoiding the victims' calls and messages. After repeated attempts to recover their capital failed, the duo approached the authorities.
The officer added, "A formal case has been registered and our investigation is currently underway to track the money trail and the individuals behind the website."
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