Bengaluru doctor falls for IPO fraud, loses Rs 1.16 crore

A fewer days aft joining a WhatsApp group, the doc began pursuing others progressive successful trading. The radical members started discussing artifact trading and IPOs, and the doc said based connected their advice, helium invested Rs 1.20 lakh connected July 22. His concern yielded important returns, amounting to Rs 3.63 lakh by August 12, helium told the police.

The doc said helium was unaware that helium was falling for a bigger scam due to the fact that helium could besides retreat the money. Then, successful the group, the fiscal advisor sent a nexus to put successful Indian Phosphate Limited IPO, which was scheduled for August 26, helium said. Trusting the fraudsters, the doc invested Rs 1.20 crore, and it showed that helium had received a immense return. But this time, the doc was not capable to retreat the money, helium said. He said helium discovered that helium had fallen prey to a cyber fraud and, informed the constabulary connected the helpline and filed the complaint.

A constabulary serviceman said determination are aggregate fraudsters who advertise connected societal media, and the doc is 1 of the galore who fell victim. Most radical successful the WhatsApp radical were believed to beryllium fraudsters pretending to beryllium customers to deceive others into making profits. It was suspected that the cyber criminals were alert of the doctor’s fiscal status, which is wherefore they initially paid him ample returns connected his concern to entice him further, the constabulary said.

The constabulary added that helium was lured into artifact trading, wherever they would assertion to artifact a transaction successful a information astatine a privately negotiated terms executed extracurricular of the unfastened market, promising immense returns.

The South CEN constabulary registered a lawsuit nether sections 66(d) (cheating by personation) of the Information Technology Act and sections 318(4) (cheating and dishonestly inducing the transportation of property) and 319(2) (cheating by personation) of Bharatiya Nyaya Sanhita (BNS).