IT consultant loses Rs 83 lakh in stock scam

Kharghar: A 52-year-old IT consultant from Kharghar was allegedly cheated of Rs 83 lakh by cyber fraudsters who promised high returns through stock market trading and IPO investments. The accused reportedly used an Instagram advertisement, a fake WhatsApp group and a bogus trading application to gain his confidence.

The complainant, Dharmesh Mehnot, a resident of Sector 36, Kharghar, came across a stock trading advertisement on Instagram on August 10. He was later contacted on WhatsApp by a woman identifying herself as Sikha Sharma, who claimed to be an assistant with SIG International Group.

Sharma allegedly added Mehnot to a WhatsApp group called ‘SIG Research Institute’, where members shared trading tips and screenshots showing purported profits. He was subsequently persuaded to download the ‘NiftyPWM’ trading application and transfer money to various bank accounts on instructions from its alleged customer-care representatives.

Police said, “The fraudsters initially allowed him to withdraw Rs 50,000 to gain his confidence. Between August 29 and September 18, Mehnot allegedly transferred Rs 83 lakh in several transactions.”

The application later showed a purported profit of Rs 13.20 crore and an IPO allocation worth Rs 4.01 crore. When Mehnot attempted to withdraw the funds, he was allegedly asked to pay the IPO amount first.

Realising he had been duped, Mehnot approached the cyber police and also filed a complaint through the National Cyber Crime Reporting Portal.

The Navi Mumbai Cyber Police have registered a case under relevant provisions of the Information Technology Act and Bharatiya Nyaya Sanhita.