Mumbai Cyber Police Successfully Recovered ₹16L Lost by a 35-Year-Old Woman in an Online Stock Fraud -

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Mumbai Cyber Police Successfully Recovered ₹16L Lost by a 35-Year-Old Woman in an Online Stock Fraud

A woman who provides for her family through the production of biscuits and pastries at home was deceived by cyber criminals into giving over ₹23.75 lakhs while claiming to be making a profit through investments in the foreign stock exchange.

Mumbai: The cyber cell of the Mira Bhayandar-Vasai Virar (MBVV) police successfully recovered ₹16.02 lakh that a 35-year-old woman from Bhayandar had lost in 72 hours in July 2023 due to an online stock trading deception. This accomplishment adds another leaf to their annals of success.

A woman who provides for her family through the home-based production of biscuits and pastries was defrauded of ₹23.75 lakh of her hard-earned money by cybercriminals while claiming to be making a profit through investments in the foreign stock exchange.

The Complainant had lost ₹23.75 Lakh

At first, she was enticed to engage in three to four transactions in exchange for recommendations in order to begin trading experimentally. The complainant continued to allocate her funds in an attempt to generate financial gains.

The complainant had incurred a loss of ₹23.75 lakh in 18 deposit transactions to bank and digital currency accounts designated by the cyber criminals within a mere 72 hours by the time she became aware of the error.

Criminals were charged with a violation of the Information Technology Act-2000 and the pertinent sections of the IPC at the cyber cell and Bhayandar police station. The cyber cell squad, under the leadership of police inspector Sujitkumar Gunjkar, promptly responded to the complaint by filing a report on the National Crime Reporting Portal (NCRP).

The police then followed the cyber fraudsters’ ill-gotten gains to the bank accounts where they were able to trace the funds.

Success After Continuous Follow-Up

The cyber police were able to freeze ₹16.02 lakhs after persistently following up with the affected institutions; the remaining amount had already been withdrawn. The sum was refunded to the account of the complainant in accordance with the directives of the Judicial Magistrate First Class (JMFC), Thane.

Officials of the cyber cell emphasized the importance of exercising caution when interacting with unknown callers/senders and filing complaints promptly (during the “Golden Hour”). They advised individuals to report online forgeries by approaching the cell directly, calling it at 1930, or sending an email to www.cybercrime.gov.in.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM. Naager entered the field of content in an unusual way. He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts. He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field. In the bottom line, he frequently writes for Craw Security.

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