Stock Market Investment Scam: 48-Year-Old Man Loses Rs 20.45 Lakh

A Life Insurance Agent Falls Prey to Cyber Investment Fraud

A 48-year-old life insurance agent at a private bank in Danipali has filed a complaint with the Cyber Police Station in Sambalpur after losing Rs 20.45 lakh in a stock market investment scam.

The Victim’s Story

The complainant, Bijay Kumar Pradhan, was enticed into stock investment by a person named Ravi Sarangi, who contacted him through an instant messaging site. In the FIR, Pradhan said that Sarangi taught him about stock market positions and high-quality stock for future use. Following this, he was added to three instant messaging groups where the perpetrators instructed him to deposit money in multiple accounts.

The Scam Unfolds

According to Pradhan, he was assured by the company that his money was safe. Initially, they provided him with minimal returns, while also pressurising him to deposit more money. When he tried to withdraw the money, his plea was refused and was asked to deposit more money to withdraw the earlier deposits.

The Extent of the Loss

Between October and November 15, 2024, the complainant deposited Rs 20.45 lakh in several bank accounts on different dates. The complainant also transferred money from his wife’s account to the fraudulent company’s accounts. He later realised that he had become a victim of cyber investment fraud. He attempted to contact the administrator of the messaging groups, but in vain. He filed a case at the national cyber crime reporting portal and then reached out to the Cyber Crime Police Station on Sunday.

The Investigation

The case was registered under BNS sections dealing with fraud and criminal conspiracy and the Information Technology Act. Amia Dungdung, inspector of the Cyber Police Station, told TOI, "We have given requisition to banks that the complainant mentioned. The victim learnt stock market investment and started investing with the online company in October and November. The possibility of money recovery from the third and fourth layers of banks may happen."

The Challenge of Cyber Fraud

She added that in cyber fraud cases, the fraudsters are smart enough not to keep money in the bank accounts where victims transfer money.

Published On Jan 20, 2025 at 09:50 AM IST

Category Most Read Placement

Comment Section

Subscription in Article

Top Newsletter Subscription Section

Join the community of 2M+ industry professionals and subscribe to our newsletter to get latest insights & analysis.

Download ETCISO App

Get Realtime updates and save your favourite articles. Download ETCISO App from Play Store or App Store.

Scan to Download App

Scan the QR code to download ETCISO App.