A woman was defrauded of over Rs 27 lakh when Mumbai Cyber Police discovered a share trading scam.
A 20 year old man arrested by Mumbai Police for allegedly defrauding a 58-year-old woman out of Rs 27.44 lakh through a fake share trading platform. The scam, which operated via WhatsApp and a counterfeit app, promised massive returns and is suspected to be linked to over 100 similar fraud cases across the country. The victim was contacted via WhatsApp by a user claiming to provide share market tips and added her to a group named TBVIP168. The victim was then asked to visit and install a fake trading app through a suspicious link. The app displayed fake profits in lakhs, intentionally designed to gain the victim’s trust. The victim was repeatedly instructed to deposit money into various bank accounts under the pretense of buying shares through IPOs and block deals. On June 3, she transferred Rs 4 lakh, of which Rs 2.3 lakh was immediately routed to second-level accounts. Over the course of the scam, she ended up paying a total of Rs 27,44,236. Following the complaint filed a few weeks ago, the Cyber Police registered an FIR under various sections of the BNS and the IT Act. Vinayak Pramodkumar Baranwal, a resident of Kasheli in Thane, was arrested shortly thereafter. Mumbai police have baited scammers and they said that they had knowingly allowed his bank account to be used for routing the proceeds of cybercrime and had also personally profited from the transactions. Authorities are urging citizens to remain cautious while engaging in online financial activities, not to fall for unsolicited investment offers via social media, avoid sharing bank account access with unknown individuals, and to report any suspicious activity without delay
