Mumbai: The Vile Parle police have managed to credit the bank accounts of two teenagers on Tuesday with Rs 3.5 lakh and Rs 2.6 lakh that they lost to cyber fraudsters. The funds were recovered 45 days after the teens fell victim to a fraudulent share market investment scheme between Nov 2024 and Jan 2025.
The students were lured into the deception via a link on Instagram, which led them to join a WhatsApp group containing over 100 purported investors. “We have managed to stop the payment by freezing the bank accounts to which the two students had transferred money. The money was released after we got nod from the court,” said Vile Parle police senior inspector Rahul Sonawane.
The 19-year-old management student from Vile Parle (East) was the first to come across the fake promotional ad on Instagram in Nov 2024. His classmate too joined the group later. “We initiated investments through the group after 25 days, having verified the stock website’s SEBI registration status. We were added to the WhatsApp group, ‘H1 AGI Growth Plan Smart Community’. Our trust was gained when the tips provided in the group showed the share values exactly as what was disclosed the next day,” said the student.
However, when the students tried to buy the share they were unable to because it was frozen. “When we discussed about it in the group. We were told that they can help in opening a VIP DMAT account. These members shared stock market investment advice and boasted about their profits. The fraud became apparent when the perpetrators demanded a 15 percent penalty for delayed IPO purchases, preventing the students from withdrawing their supposed earnings. Subsequently, they observed members disappearing from the WhatsApp group, with no responses from any contacts, leading them to believe these were automated accounts,” he said.
Through an FIR registration on Jan 24 and court order, Vile Parle police successfully blocked and retrieved the funds, which were then returned to the students’ accounts. One student shared with TOI, “Short cut means to earn money ends up in losing. This is a learning experience as one should check the genuineness of the investment scheme and should look for long term investment instead for fast earning.”
Mumbai: The Vile Parle police have managed to credit the bank accounts of two teenagers on Tuesday with Rs 3.5 lakh and Rs 2.6 lakh that they lost to cyber fraudsters. The funds were recovered 45 days after the teens fell victim to a fraudulent share market investment scheme between Nov 2024 and Jan 2025.
The students were lured into the deception via a link on Instagram, which led them to join a WhatsApp group containing over 100 purported investors. “We have managed to stop the payment by freezing the bank accounts to which the two students had transferred money. The money was released after we got nod from the court,” said Vile Parle police senior inspector Rahul Sonawane.
The 19-year-old management student from Vile Parle (East) was the first to come across the fake promotional ad on Instagram in Nov 2024. His classmate too joined the group later. “We initiated investments through the group after 25 days, having verified the stock website’s SEBI registration status. We were added to the WhatsApp group, ‘H1 AGI Growth Plan Smart Community’. Our trust was gained when the tips provided in the group showed the share values exactly as what was disclosed the next day,” said the student.
However, when the students tried to buy the share they were unable to because it was frozen. “When we discussed about it in the group. We were told that they can help in opening a VIP DMAT account. These members shared stock market investment advice and boasted about their profits. The fraud became apparent when the perpetrators demanded a 15 percent penalty for delayed IPO purchases, preventing the students from withdrawing their supposed earnings. Subsequently, they observed members disappearing from the WhatsApp group, with no responses from any contacts, leading them to believe these were automated accounts,” he said.
Through an FIR registration on Jan 24 and court order, Vile Parle police successfully blocked and retrieved the funds, which were then returned to the students’ accounts. One student shared with TOI, “Short cut means to earn money ends up in losing. This is a learning experience as one should check the genuineness of the investment scheme and should look for long term investment instead for fast earning.”