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A 34 year old man from Nerul fell victim to online scammers promising big returns through stock market investments.
Working in BKC, he lost Rs 52 lakh in just two months. It started when he found a link online about stock trading and joined a Whats App group claiming high profits.
Following the scammers' instructions he downloaded an app and invested Rs 52.13 lakh from January 12 to February 14.
The app showed earnings of Rs 65.82 lakh, but when he tried to withdraw, the scammers demanded more money.
Realizing he'd been tricked, he reported it to the police by providing details of the scammers' phone numbers, links, and account information.
The police registered a case under various sections of the Indian Penal Code and the Information Technology Act.
The government had issued warnings about such scams, where fake trading apps lure victims with promises of large profits.
In February, Mumbai's Cyber Crime Police received eleven similar complaints, totaling Rs 4.40 crores in losses.
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