Nagpur man loses Rs 87.6 lakh in online share trading fraud

NewsDrum Desk
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Nagpur, Jun 9 (PTI) A retired bank employee was allegedly duped of Rs 87.6 lakh by cyber fraudsters who lured him to invest in share trading in Maharashtra's Nagpur city, police said on Sunday.

Based on a complaint, the police have registered a case under relevant provisions of the Indian Penal Code and Information Technology Act, an official said.

The 60-year-old complainant allegedly received a message from his daughter's Instagram account about investing and earning huge returns after completing online courses on an application, he said.

Accordingly, he downloaded the application on his mobile phone, completed the online courses on May 16, and started getting suggestions for investments in different companies, he said.

The complainant transferred Rs 87.6 lakh to the bank accounts of three companies through immediate payment service (IMPS) for investments, the official said.

When he did not receive any returns, the complainant realised that he had been duped, he said. PTI COR ARU