Badlapur couple loses Rs 21.9 lakh in share trading scam

A couple from Thane, Maharashtra, lost Rs 21.9 lakh to cyber fraudsters posing as share trading advisers on a WhatsApp group. Police have registered an FIR under the IT Act and cheating charges, and an investigation is underway

Thane: A couple from Maharashtra’s Thane district was allegedly cheated of Rs 21.9 lakh by cyber fraudsters who lured them into indulging in share trading on a WhatsApp group, police said on Tuesday.

The victims, who are residents of Badlapur, lost the sum within 11 days of joining a group called “Bull Market Guide Community” on WhatsApp in November, an official said.

---

He said that unidentified fraudsters added the complainants to the WhatsApp group and promised them high returns through share trading. They were coerced into investing Rs 21.9 lakh in various shares, but found out that they had been cheated when they were unable to withdraw their original investment and the promised profits.

The police have registered a first information report under Section 318 (cheating) of the Bharatiya Nyaya Sanhita and relevant provisions of the Information Technology (IT) Act, the official said, adding that a probe is underway.