February 24, 2024

Mumbai, UPDATED: Jan 9, 2024 17:10 ISTThe cyber division of Mumbai Police’s crime branch helped reverse Rs 3.6 crore siphoned from a woman who fell into an investment scam trap on a social media platform. The woman had alerted the police within the first hour of the fraud and her money was reversed within the ‘golden hour’. Golden hour is the first 24 hours from the time of the crime when there is the possibility of recovering the money. Read MoreThe incident happened on January 7.The woman claimed she had invested Rs 4.56 crore, but felt something was amiss when she couldn’t withdraw the money, despite making gains in her investments.The woman came across an advertisement on Instagram to invest money for trading in the share market. Upon clicking it, she was redirected to another account. She was added to another group where ‘dummy’ members assured her of good returns.When she failed to withdraw the amount, which she invested between January 4-6, she realised that she had been duped. The woman first reported the matter on the 1930 cyber helpline and approached the BKC cyber police station.During its probe, the cyber cell sleuths found that the money was transferred to various accounts across different banks. Approximately Rs 70 to 80 lakh was already withdrawn by the scamsters.The fake app was under the name of Indira Securities. When contacted, they denied involvement in the scam.Dr D Swami, deputy commissioner, cyber crime, while speaking to the media, said, “It is important for people to be cautious while investing money in the share market or any other financial schemes. It is always better to do thorough research and verify the legitimacy of the company or app before investing any money. We urge people to report any suspicious activity to the authorities immediately.” The police have arrested two individuals in connection with the case and are continuing their investigation. More victims are expected to come forward as the investigation unfolds. The police have also warned the public to be wary of fraudulent investment schemes and to never give out personal information or transfer money without proper verification. Stay updated with the latest financial news and updates to protect yourself from falling prey to scams.

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