Stock Trading Scam: Thane, Nagpur Men Lose Lakhs As Fake Tips Lend On WhatsApp, Instagram

A wave of financial deception has hit Maharashtra, with two separate incidents of stock trading scams leaving victims in Thane and Nagpur reeling from massive losses.

In Thane, a 48-year-old resident fell prey to promises of lucrative returns and ended up losing a staggering Rs 40.75 lakh in a stock trading scam. The victim was lured into a WhatsApp group by fraudsters who convinced him to invest in stocks through a mobile application. When he sought returns on his investment, the accused gave evasive replies, leading to a substantial financial loss.

Meanwhile, in Nagpur, a retired bank employee was defrauded of Rs 87.6 lakh by cyber criminals operating within the realm of share trading. The 60-year-old complainant received a message from his daughter’s Instagram account about investing and earning huge returns after completing online courses on an application. He downloaded the app, completed the courses, and started receiving suggestions for investments in different companies. However, when he did not receive any returns on his investment, he realized he had been duped.

Cases have been registered in both Thane and Nagpur, with police taking action against the fraudsters. These incidents serve as a stark reminder of the risks associated with online financial transactions and the importance of exercising caution and due diligence while investing.

As authorities investigate these cases, it is crucial for individuals to be vigilant and skeptical of offers that seem too good to be true. Financial scams can have devastating consequences, and it is essential to verify the legitimacy of investment opportunities before parting with your hard-earned money.