Cyber Deceit: Retired Bank MD Falls Victim to Stock Trading Scam
A retired SBI managing director from Nagpur was defrauded of Rs 1.60 crore by cyber criminals posing as stock trading experts. Enticed by promises of high returns, he invested heavily, only to realize he had been tricked. Police froze Rs 54 lakh of the stolen funds, and investigations are ongoing.
- Country:
- India
In a startling case of cyber fraud, a retired managing director from Nagpur's PSU bank has been duped out of Rs 1.60 crore, police disclosed. The cyber criminals promised lucrative returns through stock trading investments, seducing him into a scam that unfolded over several months.
The former SBI MD first encountered the scam on April 18, receiving a persuasive WhatsApp invitation from a woman named Isha Arora. Enticed by Ajay Krishna, who presented himself as a 'gold stock mentor,' the victim eventually invested massively, convinced by the initial seemingly positive performance of his investments.
As the scam intensified, violations of SEBI rules and threats of legal action mystified the victim, leading him to invest further under pressure. Realizing the deception when additional 'capital gain tax' payments were demanded without any documentation, he filed a complaint. Authorities have since registered a case and are pursuing four suspects involved in the elaborate ruse.
(With inputs from agencies.)
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