A 19-year-old man from Ajmer, Rajasthan, was arrested on Monday for allegedly defrauding over 200 individuals of approximately Rs 42 lakh through a fake investment scheme. The accused, Kashif Mirza, a class 11 student, used social media to lure victims with false promises of substantial profits.
Mirza, who was also an Instagram influencer with a large following, convinced victims to invest Rs 99,999, assuring them returns of Rs 1,39,999 after 13 weeks. To build trust, he initially provided some investors with the promised profits, encouraging them to spread the word about the scheme, which helped him recruit more victims.
During his arrest, police recovered a Hyundai Verna, a cash counting machine, as well as phones and laptops. Mirza has been placed under two-day police remand as investigations continue.
This case serves as a reminder for potential investors to conduct thorough research before engaging in any investment opportunities. Fraudsters often lure people with promises of guaranteed returns, without offering transparency or regulatory oversight. It’s crucial to verify that the individuals or companies promoting such schemes are regulated by relevant financial authorities.
