Daijiworld Media Network - Mumbai

Mumbai, Mar 16: A 51-year-old school teacher from Mazgaon in south Mumbai has allegedly been cheated of Rs 42.3 lac in an online share trading scam after being lured through a social media advertisement promising high returns from stock market investments.

According to police, the teacher, who works at a convent school in south Mumbai, came across a stock market investment advertisement on Facebook. After clicking the link, her mobile number was allegedly added to a WhatsApp group that had around 88 members.

Investigators said the group administrators, identified as Meena Joshi and Rajesh Mody, claimed to represent a trading company and shared what appeared to be registration documents to gain the victim’s trust.

The teacher was asked to download a trading application through a link and create an account to begin investing in shares. Initially, she deposited Rs 1.2 lac, which appeared in the app as a trading balance.

The accused allegedly guided her through investments in shares and initial public offerings (IPOs), displaying profits on the application to build confidence. Gradually, she was encouraged to apply for larger IPO allotments and was told to arrange Rs 22.5 lac.

When she informed them that she could not afford the amount, the suspects allegedly offered to arrange a loan through their company.

However, when she later attempted to withdraw her profits, she was asked to first repay the loan amount and subsequently pay additional charges in the form of commission and taxes.

Growing suspicious of the repeated demands, the victim and her husband visited the company’s office in Lower Parel. There, they were informed that fraudsters were misusing the firm’s name to cheat investors.

Following this, the teacher approached the police and filed a complaint regarding the fraud. Authorities have launched an investigation into the case.