Cyber Scam Targets Former Wholesaler, Drains Rs 2.28 Crore from Victim

A retired wholesale dealer in food essences fell victim to a sophisticated online scam, losing over Rs 2.48 crore to cybercriminals over a span of two months. Moti Kishanchand Dularamani (76), residing at 93, Tatva Apartment, Canal Road, Ramdaspeth, and formerly engaged in wholesaling flavoring essences, reported to the police that individuals posted an enticing advertisement on his Facebook account, promising a 15 to 20 percent profit on investments in the stock market and providing a link. Upon clicking the link, he joined a WhatsApp group named "Stock Frontline" and engaged in communication with its members. The fraudsters persuaded him to open a demat account, assuring substantial returns on share trading.

Believing them to be legitimate share brokers, Dularamani invested Rs 2.75 crore between November 11, 2023, and January 8, 2024, using the provided link. To gain his trust, they transferred Rs 26.31 lakh to his demat account. After some days, when he faced difficulties withdrawing additional funds, he contacted the group members. They informed him that his demat account required reactivation. Subsequently, Dularamani realized he had been defrauded of Rs 2,48,69,000 and reported the incident to the police. The Cyber Police registered a case under Sections 419, 420, 467, 468, 471, 34 of the IPC, along with Section 66(d) of the Information Technology Act, and initiated an investigation.

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