A woman from Mumbai lost a staggering Rs 1.55 crore after trusting an Instagram ad.
It all began when the woman saw an advertisement on Instagram promoting online share trading.
Intrigued, she clicked on the ad and was added to a WhatsApp group with 131 members.
In a shocking case of cyber fraud, a woman from Mumbai lost a staggering Rs 1.55 crore. The incident came to light after the woman, who is in her 50s, reported the scam to the West region cyber police station in BKC on September 5.
The fraud unfolded between April 27 and June 11 this year. It all began when the woman saw an advertisement on Instagram promoting online share trading. Intrigued, she clicked on the ad and was added to a WhatsApp group with 131 members. The group was managed by an individual named Monica Sharma, reports TOI.
Sharma, posing as a financial expert, convinced the woman to invest in shares through a specific app. She assured her of impressive returns, claiming that investments could yield 100 to 200 percent profit. To facilitate the investments, the complainant was provided with various bank account numbers to transfer money into.
In over 20 transactions, the woman sent a total of Rs 1.55 crore to different accounts. She even took out a loan with her sister to fund the investments. Initially, the woman saw her virtual wallet balance grow to over Rs 7 crore, which made the scam seem genuine.
However, when she attempted to withdraw her money, she faced difficulties. The fraudsters offered various excuses and demanded additional payments to release her funds. It was only then that she realised she had been scammed and decided to approach the authorities.
Also read: Kerala Woman lost Rs 75 lakh in credit card unblocking scam: Here’s what happened
The cyber helpline team managed to block around Rs 10 lakh in the fraudsters’ accounts. The case is now under investigation, supervised by Deputy Commissioner of Police Datta Nalawade and led by Assistant Commissioner of Police Aburao Sonawane. The team also includes Senior Inspector Datta Chavan and Sub-Inspector Rahul Khetre.
This incident serves as an important reminder to exercise caution and verify the authenticity of online investment opportunities.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
