6 days ago
Bank manager in Ahmedabad loses Rs 6.6 lakh in trading scam
Ahmedabad: A 35-year-old bank manager, residing in Satellite, has reported losing Rs 6.66 lakh in a stock investment scam. The fraud, which unfolded over WhatsApp and a fake trading application, was reported to the Cybercrime police station on Tuesday.
The victim was initially drawn in by a social media advertisement that directed him to a WhatsApp group named 'B3 Barings Asia Investment Fund Network Financial Business School'. An administrator, posing as 'Shruti Thakur' and claiming to represent a reputable investment firm, convinced the banker to download a fraudulent trading app called 'BAS TF' and begin investing.
After an initial investment of Rs 5,000 showed a 7% profit on the fake app, the victim's trust grew.
Over two weeks, he made 12 separate transfers totalling Rs 25.24 lakh to bank accounts provided by Thakur. While he managed to withdraw Rs 18.57 lakh, the remaining funds became inaccessible. The scam became apparent when he was instructed to deposit an additional Rs 10 lakh to unlock his balance.
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Thakur and others associated with the linked mobile numbers and bank accounts are now under investigation. Cybercrime police have so far frozen Rs 46,170 from the fraudulent transactions. A complaint has been filed under Sections 406 (criminal breach of trust), 419 (impersonation), 420 (cheating), 120B (criminal conspiracy) of the BNS, and Sections 66(c) and 66(d) (identity theft and cheating via electronic means) of the IT Act.
