Thane Resident Duped of ₹47 Lakh in Share Investment Fraud through Fake Facebook Advertisement

Mumbai: A 66-year-old man from Thane has fallen victim to a share investment scam, losing a total of ₹47 lakh. The scam, which started through a fraudulent Facebook advertisement, led the man to transfer large sums of money to scammers posing as traders.

The victim, after seeing a Facebook ad claiming high returns on investments, was lured into a WhatsApp group where he was convinced to download a fake trading application. Between December 26 and February 6, he transferred money to the scammers under the belief that he was investing in shares.

On February 10, the complainant checked his account and saw his supposed profits multiply. However, when he attempted to withdraw his funds, he found that it was not possible. Realizing he had been scammed, the victim tried to contact the scammers multiple times, but his attempts were unsuccessful.

Distraught, the man filed a police complaint on Wednesday, providing the authorities with all the details about the WhatsApp group, the contact information of the scammers, the details of the fake trading app, and his transaction records.

The police have registered a case under sections 66C (identity theft) and 66D (cheating by personation using computer resources) of the Information Technology Act. Investigations are underway as the authorities work to track down the fraudsters responsible for the scam.

This incident serves as a stark reminder of the growing threat of online scams and the importance of exercising caution while dealing with financial transactions on social media platforms.