Instagram Scam Leaves Business Owner Defrauded of Crores

A Kandivali-based event management company owner was defrauded of Rs 1.22 crore by cyber fraudsters, who enticed him with promises of lucrative IPO returns. The ruse started via Instagram, leading him to join a fraudulent WhatsApp group and make large investments, ultimately resulting in a police case.

A Kandivali resident and owner of an event management company fell victim to a cyber fraud, losing over Rs 1.22 crore in a scam involving promises of lucrative IPO returns, as disclosed by the police on Monday.

The 47-year-old victim lodged a complaint on October 5, revealing that the scam spanned from June 17 to August 28, after he encountered an Instagram ad offering share market investment tips. This initially led him to join a WhatsApp group, purportedly led by a chief strategist from Nuvama Securities.

The victim shared personal information and banking details, leading to unauthorized investments made by the fraudsters. When pressed for more funds, he was manipulated into accepting an unsolicited loan. The realization of the scam prompted a complaint to the cyber police, who have now launched an investigation.

(With inputs from agencies.)