In a distressing case of cyber fraud, a Nashik-based businesswoman has been cheated of a staggering Rs 1.10 crore in a sophisticated share market investment scam orchestrated through WhatsApp. The incident, which unfolded between August and November this year, adds to her financial woes, as she was still recovering from losses suffered in a previous multi-level marketing (MLM) scheme.
The Modus Operandi of the Fraudsters
The victim, a woman around 40 years of age, was initially contacted by the cyber criminals on WhatsApp in August 2023. As per Inspector Sanjay Pise of the Nashik Cyber Police, the fraudsters presented her with impressive daily returns from the stock market within a group. The administrator of this group then explained a lucrative investment plan, successfully enticing her to participate.
She made her first investment of Rs 2.5 lakh through a link provided by the scammers. This led her to a fake account that displayed what appeared to be her growing funds. "As the account displayed handsome returns, she was urged to invest more for higher profits," Inspector Pise stated, citing the FIR. Whenever she requested a withdrawal, she was pressured to deposit more money, with threats of losing her entire investment due to fabricated tax issues.
Desperate Measures and Ignored Warnings
Driven by the desire to recover from her earlier MLM loss, the businesswoman escalated her investments in tranches until November, ultimately pouring Rs 1.10 crore into the scheme. To arrange these substantial funds, she took the drastic step of mortgaging not only her own gold jewellery but also ornaments belonging to her mother and sister.
Despite clear warnings from her relatives against investing in the scheme, she dismissed their advice, mistakenly assuming they were envious of her potential gains. The police revealed that her determination was so strong that she even contemplated mortgaging her house to gather more capital for the fraudulent scheme.
The Final Sting and Police Complaint
The scam reached its climax when the woman finally insisted on a partial withdrawal. The fraudsters then threatened her with action from SEBI (Securities and Exchange Board of India) and other government agencies, claiming she would face heavy taxes. Even when she agreed to bear any government charges, the con artists abruptly ceased all communication.
This radio silence was the moment she realized she had been thoroughly duped. The businesswoman subsequently lodged a formal complaint at the Nashik cyber police station on Monday, naming four individuals in her FIR. In a similar and worrying trend, police noted another incident where an individual lost Rs 67 lakh after joining a different WhatsApp investment group.
This case highlights the alarming sophistication of cyber financial frauds targeting individuals eager for quick, high returns. It serves as a stark reminder for the public to exercise extreme caution with unsolicited investment offers on social messaging platforms and to always verify the legitimacy of such schemes through official channels.
