1 hr ago
Two Held After Retired Official Loses Rs 5.10 Crore
An 87-year-old retired health department official was contacted about investing in shares.
He was added to a WhatsApp group that shared investment tips.
Police say he sent Rs 5.10 crore to accounts specified by the people behind the scheme.
An online account showed a very large profit, but he could not take his money out.
The fraudsters then asked him for more money and a commission.
He reported the incident to cybercrime authorities.
Police arrested two men who allegedly allowed their bank accounts to be used to move the money.
Investigators are still looking for the main people behind the scam and the remaining funds.
An 87-year-old retired Maharashtra health department official from Malad allegedly lost Rs 5.10 crore in a share-investment scam.
Police said a woman added him to a WhatsApp group sharing market information and recommendations in the name of a private firm.
The victim's online portfolio purportedly showed profits of Rs 32.05 crore, but he could not withdraw his money.
Fraudsters allegedly demanded further payments for an IPO purchase and a 10 per cent commission before allowing withdrawals.
Two men were arrested in Andheri for allegedly letting the fraud network use their bank accounts; police are tracing other operators and funds.
- Who
- An 87-year-old retired Maharashtra health department official was allegedly defrauded; two men were arrested.
- What
- The victim allegedly lost Rs 5.10 crore in a share-investment fraud.
- Where
- The victim lives in Malad; the arrested men were found in Andheri, Mumbai.
- When
- The victim received a phone call in July; the report was datelined Mumbai, Oct. 7.
- Why
- The fraudsters allegedly used promises of high returns on share trading to persuade the victim to transfer money.
Key facts
- Victim
- An 87-year-old retired Maharashtra health department official
- Reported loss
- Rs 5.10 crore
- Displayed portfolio profit
- Rs 32.05 crore
- Arrests
- Two men, arrested in suburban Andheri
- Alleged account role
- Police say the men allowed the fraud network to use their bank accounts and routed proceeds onward.
- Additional demands
- Money for an IPO purchase and a 10 per cent commission before withdrawals
- Investigation
- Police are seeking the main operators and tracing the remaining funds.
Sources
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