An Engineer was Defrauded of ₹81 lakh on the Pretext of Share Market Investment, including a Loan of ₹60 Lakhs

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An Engineer was Defrauded

An Engineer was Defrauded of ₹81 lakh on the Pretext of Share Market Investment, including a Loan of ₹60 Lakhs

A Noida-based engineer cheated of ₹81,59,434/- including a ₹60 Lakh loan amount to fraudsters by investing in IPOs and shares in the share market.

Noida:  Cybercriminals have cheated a mechanical engineer living in Noida with 81 lakhs 59 thousand and 434 Rupees (₹81,59,434/-) by luring him to invest in IPOs and shares in the share market.  The fraudsters have committed the fraud by adding the victim to a WhatsApp group.  The victim engineer went into shock after the incident.  Regarding this, he has filed a case at the cyber crime police station.

The Hefty Financial Fraud was Executed by Adding to the WhatsApp Group

Harikumar Vengpalli, resident of Golf City Society, Sector 75, Noida, works as a mechanical engineer in a private company.  Some time ago, he received a message on WhatsApp in which he was told to earn lakhs of rupees by doing digital marketing and online trading sitting at home.  When he contacted the said number, he was added to a group on WhatsApp.  100 people were already connected to the group. After this, the accused gave him the task of rating and reviewing the online page, which he completed.

He got some benefit from this. In the second task, the fraudsters gave them the task to invest in online trading IPOs.  He bought the IPO of Jyoti CNC Company as well as many other companies for lakhs.  During this time, the accused in the group continuously told him about the high profits of these companies.  Due to this, he kept investing money continuously. The money invested in the app given by the accused was seen continuously increasing.  Further, he invested a total of Rupees 81 lakh 59 thousand 434.

During this period, his investment and profit added up to a total of Rs 1 crore 43 lakh 57 thousand 841. When he started withdrawing his profit amount. So the fraudsters closed his trading account.

Moreover, when he asked him to open the account again, the fraudsters started asking him to invest more money.  When he started demanding his investment money back from the fraudsters, he was thrown out of the WhatsApp group.

The victim said that he had taken a loan of Rupees 60 lakh from several banks and invested in the stock market. The victim said that in the fraud incident, along with his profit, the fraudsters grabbed Rupees 81 lakh 59 thousand 434 of the investment.

Be Careful for Such Scams with These Best Practices:

  • Do not trust any call or message from any unknown person and do not fall prey to any offer made by him.
  • Do not join any WhatsApp group or Telegram group with unknown people.
  • If someone is promising to earn lakhs and crores of rupees overnight, then do not trust him at all.
  • In case of any kind of cyber fraud, call 1930.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.

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