Ahmedabad man duped of ₹1.74 cr in investment scam through WhatsApp group
Updated: Oct 28th, 2024
A man from Ahmedabad lost over ₹1 crore in an investment scam. The defrauders used the name of broker Motilal Oswal and duped the investor.
As per the complaint registered with Bopal police, Mehul Rawal, a resident of Marutinandan Kutir in Bopal was added to a Whatsapp group on August 20, 2024.
The group operated under the banner of Motilal Oswal and the admin claimed to provide hefty returns and ‘tips’ of the market on the individual investments.
Since the group had the name of Mumbai-based financial services company, Motilal Oswal, Rawal did not question its credibility.
Initially, Rawal invested ₹10,000 and earned returns of ₹2,500. He then invested more and earned ₹2.5 lakh of profit.
In a bid to earn even more, he was convinced to invest ₹43.64 lakh.
The fraudsters informed him that he was allotted many Initial Public Offers and earned ₹3.25 crore.
However, there was a condition put forward by fraudsters, they asked for a 20% service charge and further extorted ₹55.65 lakh from Rawal.
However, the funds were still not credited to Rawal’s account and he was told to pay an extra ₹41 lakh for that.
After losing ₹1.43 crore and getting nothing in return, Rawal’s suspicion grew over the admin and he called Motilal Oswal’s office in Mumbai. The phone call confirmed that he was duped.
The Bopal police are investigating the case.
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