City Businessman Duped in Rs 1.25 Crore Online Investment Fraud

A businessman lost Rs 1.25 crore in a stock market investment scam via a deceptive Instagram advert that led him to a fraudulent website. Misled into believing he was investing in IPOs, he was later asked to pay more to retrieve his money, which he never received.

In Mumbai, an unfortunate tale of financial deception unfolded as a city-based entrepreneur fell victim to an elaborate online stock market scam, losing Rs 1.25 crore. As reported by the police on Wednesday, the North Region Cyber police have registered a case, yet the perpetrators remain unidentified.

The victim, an event management firm owner residing in Kandivali, was lured by an Instagram advert promising lucrative returns in the stock market. He was subsequently added to a WhatsApp group managed by someone identified as 'Raman Verma,' according to the complaint lodged with the cyber police.

Initially encouraged to invest via Verma's firm, the businessman uploaded personal documents and subsequently invested Rs 1.25 crore in various IPOs. However, the fraudsters sold his shares without consent and demanded additional money under the pretense of returning the initial amount and profits, which never materialized. The investigation is ongoing, as confirmed by a police official.

(With inputs from agencies.)