Bengaluru man defrauded of Rs 1.21 crore by Instagram friend in stock market scam

By Vinaykumar Patil | First Published Aug 16, 2024, 9:46 AM IST

In a distressing case, Shabir from Long Port Town invested Rs 1.21 crore in the stock market after being misled by an Instagram friend posing as an expert. Despite initial gains, his entire investment was lost. Police are investigating, underscoring the dangers of online financial scams.

In a shocking turn of events, Shabir, a resident of Long Port Town near Shivajinagar, has fallen victim to a major financial scam. The employee invested a staggering Rs 1.21 crore in the stock market after being persuaded by a seemingly trustworthy Instagram friend.

Last December, Shabir connected with an individual on Instagram who claimed to be a stock market expert. The stranger convinced him that with the right guidance, substantial profits could be made. Trusting the advice, Shabir was then added to a WhatsApp group linked to a network of fraudsters. This group discussed share trading and offered investment advice.

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Initially, Shabir invested a small amount and saw a profit of Rs 1.07 lakh, which encouraged him to invest further. Over time, he gradually poured in a total of Rs 1.21 crore. Unfortunately, this investment turned out to be a complete loss.

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Feeling deceived and defrauded, Shabir complained to the Central Division CEN station. A case has been filed against the Instagram friend who lured him into the scam. The police are now investigating the case, hoping to track down and bring the perpetrators to justice.

This incident highlights the risks associated with online financial advice and underscores the importance of verifying the credibility of such guidance before making significant investments.

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