Delhi police arrested 29-year-old Mohammad Daud on Wednesday for allegedly scamming a 32-year-old woman out of Rs 23.5 lakh. Daud used a fraudulent website promoted on social media, which promised high returns from stock market trading, to lure the victim.
Initially, the woman invested Rs 1,000 and saw a small profit of Rs 1,300, which convinced her to invest more. However, after larger sums were deposited, Daud stopped responding to her calls. The investigation revealed that the money was transferred across 11 different bank accounts.
The victim filed a complaint at the Northeast Cyber Police Station on April 10, leading the police to track Daud down in the Maujpur area. During the raid, police recovered 17 SIM cards, 11 debit cards, four passbooks, 15 cheque books, two stamps, and one phone. Authorities managed to recover Rs 8.55 lakh from his account, but much of the money had already been transferred to other accounts. Police are now looking for Daud’s accomplice.
Online stock market scams have been on the rise in India, with hundreds of victims losing significant amounts of money in recent months. For instance, in April, a businessman in Jayanagar lost Rs 5.2 crore, while a woman in Pune lost Rs 24.12 lakh in similar scams.
The National Stock Exchange (NSE) has cautioned investors against dealing with entities that falsely claim to be associated with reputable financial institutions. The NSE warned investors not to trust schemes that promise guaranteed returns, as such offers are illegal. They also advised against sharing sensitive information like trading credentials, as high-return investments come with high risks, including fraud.