2 elderly from Thane, Navi Mumbai lose Rs 96 lakh in stock market scam

These scams have become more frequent in recent months and the elderly are particularly vulnerable

Date: July 24, 2024

Two senior citizens, one from Thane and other from Navi Mumbai have lost a total of INR 96 lakh this week in a stock market scam.

These scams have become more frequent in recent months. The elderly are particularly vulnerable, often losing their life savings.

In the first case, a 65-year-old man from Thane invested his life savings after retiring as an administrator. He saw an “IIFL” advertisement in May while watching movies online. Believing it to be genuine, he texted the number in the ad. He was then added to a WhatsApp group. Between June 14 and July 1, he invested INR 46 lakh in nine transactions. He later saw his investment grow to INR 3.31 crore on the company’s app. However, he was not able to take the money out without paying more money. Soon, he realized that he had been scammed. He reported the fraud to Thane police and filed an FIR against the scammer earlier this month.

In the second case, another senior citizen residing in Navi Mumbai lost INR 50 lakh. He had also joined a WhatsApp group to invest and grow his money. Later, he somehow discovered that he was being scammed. He reported the scam to the cyber police in Navi Mumbai. At the station, he met two more victims who had lost a total of INR 50 lakh.

Officials stated that the perpetrators in these cases are usually located outside the state, and the funds are often converted to cryptocurrency and sent overseas. It has been advised that victims should immediately call the cyber helpline number 1930 after being scammed to recover the money.