Mumbai Retired Ship Captain Defrauded of ₹11 Crore in Stock Investment Scam
Cyber Fraud Targets Retiree with Stock Investment Scam: In a case highlighting the growing menace of cyber fraud, a 75-year-old retired ship captain from Mumbai has been duped of ₹11.16 crore over four months. The scam, which preyed on the victim’s interest in stock market investments, involved promises of hefty returns and elaborate deception by fraudsters.
How the Stock Investment Scam Unfolded
The ordeal began when the victim was contacted by cybercriminals who persuaded him to invest in stock markets through their platform, promising significant profits. Initially, his online account displayed gains, luring him into transferring more funds.
However, complications arose when he tried to withdraw the profits. The fraudsters claimed that a 20% service tax needed to be paid before any withdrawal. This led to repeated transactions, with the victim eventually transferring ₹11.16 crore to multiple accounts provided by the scammers.
Realizing he had been deceived, the victim filed a complaint with the South Cyber Police Station.
Investigation and Arrest
During the investigation, the police tracked the flow of funds to various bank accounts. Two accounts were linked to a ₹6 lakh withdrawal via cheque. A woman involved in the withdrawal provided information leading to the arrest of a suspect, identified as Kaif Ibrahim Mansuri.
Mansuri, a known offender, was found in possession of 33 debit cards and 12 cheque books linked to different banks. These accounts were reportedly used to transfer ₹44 lakh from the victim’s funds.
The police have confirmed that Mansuri is under custody, and further investigations are underway to uncover additional accomplices and recover the stolen money.
Warning Signs and Public Awareness
This incident serves as a stark reminder of the tactics employed by cybercriminals. Fraudsters often use convincing schemes to exploit individuals’ financial interests. Authorities urge the public to remain cautious and:
- Verify the legitimacy of financial platforms before investing.
- Avoid sharing personal banking details with unknown entities.
- Report suspicious activities promptly to cybercrime helplines.
Growing Threat of Cybercrime
Cyber fraud targeting senior citizens has become a pressing concern. Stock Investment Scam is becoming more common. Experts emphasize the importance of educating the public about such schemes and enhancing digital literacy to prevent future incidents.
As the police continue to investigate, this case underscores the need for vigilance in an era of increasing digital dependency. Public awareness, coupled with robust cybersecurity measures, remains critical in combating such crimes.
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