Software engineer lost Rs 2.29 cr in stock market fraud
By : DC Correspondent
Update: 2024-11-06 17:23 GMT
Hyderabad: The cybercrime wing of the Cyberabad police on Wednesday arrested two persons in connection with an investment fraud and five other accused are absconding. Police arrested the two accused Naresh Shinde and Saurabh Shinde from Aurangabad, Maharashtra. The first five accused were managers and organisers of the “Kotak Pro” web application, which is not related to Kotak Bank. The victim in this case was defrauded by the web application. He was lured to invest in the allotments of initial public offers (IPOs) with the promise of high returns in a short time.
Police said the victim, a software engineer, filed the complaint on the fraudulent stock investment on October 8. He joined a WhatsApp group named “B2231 KSL Official Stock” which claimed to have focused on stock market trading and skill building, led by Narayan Jindal, Anjali and their associates. The team claimed to provide profitable trading insights. After being convinced by them, the complainant registered himself on a fake trading platform named Kotakpro and transferred nearly `2.29 crore into the platform to apply for shares in the IPOs.
Though he “got the stocks” and showed a virtual profit, he faced obstacles when he tried to withdraw the funds. The suspects demanded additional payments under various pretenses, leading the victim to realise he had been deceived. Investigation revealed that the fraudsters operated a deceptive investment scheme through the WhatsApp group.
The accused Naresh Shinde is an account supplier and another accused Saurabh Shinde is the account holder to which the victim transferred `50 lakh. Police seized two mobile phones from the accused. The cybercrime police advised citizens to be cautious before making investments or trading on platforms that promise high returns in the short term. People were told to report any such fraud on the cybercrime helpline 1930