Mumbai: A 51-year-old school teacher from Mazgaon has allegedly been duped of Rs 42.3 lakh in an online share trading scam after being lured through a social media advertisement promising high returns from stock market investments. Initially, she deposited Rs 1.2 lakh, which appeared in the app as trading balance. The accused then allegedly guided her through share and IPO investments, showing profits in the application to build confidence. However, when she attempted to withdraw the profits, she was asked to repay the loan amount and later to pay additional commission and taxes. According to the complaint, a teacher at a convent school in south Mumbai, came across a Facebook advertisement related to stock market investments. After clicking on the link in the advertisement, her mobile number was allegedly added to a WhatsApp group which had around 88 members. Police said the group administrators, identified as Meena Joshi and Rajesh Mody, claimed to be representatives of the company and shared purported registration documents to gain trust. Victim was asked to download a trading application through a link and create an account to begin stock trading. Gradually, she was encouraged to apply for larger IPO allotments and was told to arrange Rs 22.5 lakh. When she said she could not afford the amount, the accused claimed to provide a loan through their company. However, when she attempted to withdraw the profits, she was asked to repay the loan amount and later to pay additional commission and taxes. Suspicious of the demands, victim and her husband visited the company’s office in Lower Parel, where they were informed that fraudsters were misusing the firm’s name.
