Financial Fraud Unveiled in Hinjawadi: Citizen Loses Rs 30 Lakh in Stock Market Scam

Hinjawadi, 13 April 2024: A significant case of financial deception has surfaced in Hinjawadi, where an individual fell victim to a fraudulent scheme, losing a staggering sum of Rs 30 lakh under the guise of promised stock market profits. The deceitful activities transpired between December 18, 2023, and February 14, 2024, prompting the aggrieved party to lodge a formal complaint with the Hinjawadi Police Station.

Following the complaint, authorities have initiated legal proceedings against ten suspects, including administrators of various online platforms such as WhatsApp groups, Telegram accounts, and bank accounts, suspected of orchestrating the elaborate scam. According to law enforcement officials, the victim initially encountered the fraudulent scheme via a purported stock market tip disseminated on Facebook, subsequently gaining entry into a WhatsApp group.

The perpetrators enticed the victim with assurances of a 30% return on investment in the stock market, persuading them to deposit funds into various designated accounts. Regrettably, the victim’s trust was exploited, resulting in the loss of Rs 30 lakh, with neither the principal amount nor the promised profits ever materializing. Furthermore, the victim was duped into believing that a 10% tax was necessary for fund withdrawal, furnished with a private contact number for communication.

The Hinjawadi Police are actively pursuing leads to unravel the intricacies of this fraudulent operation, emphasizing the importance of public awareness and vigilance in safeguarding against such scams.