Scammers use Union FM Nirmala Sitharaman’s photo to gain trust, defraud retired Mahim doctor of Rs 1.47 crore  

After the victim entered the basic details, he received a phone call from an unknown WhatsApp number, and the caller introduced herself as ‘Meenakshi’, promising to assist him in share trading. The woman claimed she was representing share trading firm UPSTOX SECURITIES, and asked the victim to create a trading account and follow her instructions.

Later, he was added to two WhatsApp groups: ‘C23-Upstox Securities Online Customer Service’ and ‘188 SBI Wealth Mindset Exchange Group’. The complainant said he saw members of the groups posting screenshots of their profits, and so got enthused to invest. He made his first deposit on October 5, and the next day, he saw a ‘profit’ of Rs 108 in his trading account.

“On October 18, the woman allegedly convinced the victim to invest in an IPO. As per her advice, the victim invested Rs 5 lakh in the Rubicon Research Ltd IPO. The victim made further investments in the share market following the woman’s instructions, and after a month, his balance rose to Rs 6 crore (inclusive of Rs 1.47 crore principal amount). But when he tried to withdraw even a portion of the money, he was asked to pay Rs 90 lakh, claiming that it was mandatory before releasing the funds,” said a police officer.

The victim had invested all his savings and tried to contact the woman, but the latter disconnected the call, and suddenly, the trading account also disappeared. The retired doctor then approached the central cyber police station, and a case was registered against unknown persons.

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