In a recent digital scam, a 48-year-old man from Karnataka lost a staggering Rs 46.92 lakh to fraudsters posing as stock market investment advisors. The victim, identified as Avinash from Kundapur, filed a complaint after realizing he had been deceived by the scammers.
Avinash was added to a WhatsApp group called “Surendra VIP Free Bull Stock Sharing Group-X98” on September 17, which promised lucrative opportunities in stock market investments. Trusting the group’s claims, he followed their advice and opened a ‘Zerodha D-mat account’ to begin his investments.
Initially, Avinash invested Rs 10,000 as instructed by the group. However, the scammers directed him to another demat account, “EMCEE – Invest Group Inc.,” and urged him to increase his investments. Convinced by their promises of high returns, Avinash ended up transferring Rs 46.92 lakh to various accounts provided by the fraudsters. The transactions were made through Google Pay and online banking in multiple payments.
Despite investing large sums, Avinash never received any profits, and the fraudsters failed to refund his money, resulting in a significant financial loss. Upon realizing he had been scammed, Avinash filed a complaint with the CEN station in Udupi.
A case has been registered under Sections 66 (C), 66 (D) of the IT Act and Section 318 (4) of the BNS Act.
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