The victim explained that in June, he was added to a group of investors on a messaging app where he was promised a staggering 300% return on his investments in stocks. He was advised to download a specific application to trade shares and track his earnings.

He could see the profits displayed in the app, which led him to sell shares and mutual funds that he and his wife had bought three years earlier. To invest more, he borrowed money and even took out a personal loan, believing in the scam.

Unfortunately, he soon realized he couldn’t withdraw any of his funds. After filing a complaint with the cyber police station, a case was officially registered following initial investigations.

In a separate incident, a 41-year-old architect from the Camp area fell victim to cybercriminals, losing Rs 2.41 lakh between May and June. She filed a complaint with the Cantonment police on Thursday. Additionally, a 42-year-old employee from a private company in Dhankawadi lost Rs 8 lakh, and a 30-year-old resident of Mithanagar in Kondhwa was defrauded of Rs 8.37 lakh between June and August.

In another case reported to the Kondhwa police, a 61-year-old man from Undri lost Rs 6.43 lakh to scammers who promised him attractive returns on his investments. Between April 11 and 29, he transferred money to the bank accounts that were provided to him by the fraudsters, according to the police.