A 55-year-old self-employed woman from Tiswadi has allegedly lost more than ₹4.23 crore in a cyber fraud involving fake IPO and share market investment schemes, police said.
According to police, the victim was added to a WhatsApp group by unknown fraudsters who posed as representatives of an online trading platform. The accused allegedly persuaded her to register on a fraudulent trading application and promised substantial returns through investments in Initial Public Offerings (IPOs) and stock market trades.
If you enjoyed reading this article, you can help support our journalism by adding OHeraldo as a preferred source.
Believing the investment opportunity to be genuine, the woman transferred a total of ₹4,23,94,163 through multiple bank transactions. The fraudsters allegedly displayed fake profits and inflated account balances on the application to gain her confidence and encourage further investments.
The scam came to light when the woman attempted to withdraw her funds. Police said the accused informed her that her account rating was too low and demanded additional investments before any withdrawal could be processed. Despite repeated requests, the money was not returned, and the fraudsters continued to offer various excuses.
Realising that she had been deceived, the woman approached the police and lodged a complaint. A case has been registered, and further investigation into the cyber fraud is underway.
