A 61-year-old man from Raigad fell victim to a major financial scam, losing nearly Rs 96.8 lakh in just 19 days. The scammers lured him with promises of high returns through stock trading, leading to a significant financial loss for the senior citizen.
How the Fraud Unfolded
The incident began in August when the man, while browsing online, sought advice on stock trading through artificial intelligence-generated recommendations. His search led him to a website that prompted him to submit his name and contact information. Soon after, he received a link from an unknown number, which directed him to a WhatsApp group.
In the group, an admin posing as a “chief strategic analyst” instructed him to open a trading account, requiring him to provide sensitive banking details. The scammers convinced him that he could earn up to 20% profit daily, gradually urging him to increase his investments. Between September 18 and October 5, he transferred Rs 96.8 lakh, trusting in the promised lucrative returns.
Police Investigation Underway
After realizing the fraud, the victim filed a police complaint. Authorities have begun investigating the case, aiming to track down the individuals behind the AI-based trading scam and prevent similar incidents in the future.
