By Trend News Line 2024-04-14 16:01:19.
Arrest of Two Suspects in Stock Market Fraud Case
The South Cyber Cell has made a breakthrough in a case involving a fraudulent investment scheme that targeted unsuspecting individuals seeking to make quick profits in the stock market. Two suspects have been apprehended for their alleged involvement in deceiving a victim out of Rs. 31.50 lakhs through false promises of high returns on investments.
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Victim’s Tale of Deception and Betrayal
Avinash Nandalvar, a 56-year-old baker working at a prestigious 5-star restaurant in Mumbai, fell victim to a cunning scam orchestrated by fraudsters masquerading as stock market experts. It all began when Nandalvar stumbled upon a Facebook advertisement in December 2023, enticing him with the prospect of lucrative gains in the stock market.
Intrigued by the promise of substantial returns, Nandalvar followed the link provided in the ad and found himself added to multiple Telegram investment groups with hundreds of members. The group administrators, posing as seasoned investors, lured Nandalvar into believing that he could make a fortune by following their investment advice.
Investment Gone Awry
Blinded by the allure of quick profits, Nandalvar entrusted a significant sum of Rs. 31.50 lakhs to the alleged fraudsters, based on their assurances of 200-300% returns on his investments. He diligently followed their instructions, investing in various stock market companies in the hopes of multiplying his wealth.
However, when Nandalvar attempted to withdraw his funds after the promised time frame, he was met with a series of excuses and delays from the fraudsters. It soon became apparent to him that he had fallen victim to a sophisticated scam aimed at siphoning off his hard-earned money.
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police Intervention and Arrest of Culprits
Upon realising the extent of the deception he had fallen prey to, Nandalvar mustered the courage to report the incident to the authorities. Prompt action by the police led to the identification and subsequent arrest of two suspects, Mohammad Rashid (25) and Mohammad Ansari (24), in Bhiwandi.
Further investigations revealed that the duo had been on the radar of the North Cyber Cell for similar fraudulent activities in the past, making them repeat offenders in the realm of financial scams. The police have pressed charges against Rashid and Ansari under various sections of the IPC and the IT Act, reflecting the severity of their fraudulent actions.
In a bid to protect other potential victims from falling into the same trap, the authorities have issued a warning against trusting unsolicited investment schemes promising unrealistically high returns. The case serves as a cautionary tale for individuals seeking to dabble in the stock market without proper due diligence and research.
As the legal proceedings unfold, Nandalvar remains hopeful that justice will be served, and the perpetrators of this elaborate scam will face the consequences of their deceitful actions. The arrest of Rashid and Ansari marks a significant milestone in the fight against financial fraud and underscores the importance of vigilance in safeguarding one’s financial interests in an increasingly digital world..
– South Cyber Cell Arrests Two Suspects In Investment Scam Targeting Baker
– South Cyber Cell Arrests Two Suspects In Investment Scam Targeting Baker’s Money.
