Vadodara stock market trader cheated by fraudsters, lost 2.08 crore

If you are going to invest in the stock market, bitcoin, forex, or IPO beware of fraudsters. Vadodara stock market trader has lost Rs 2.08 crore in the hopes of getting a 25 % return. In the name of investing in the stock market, Bitcoin, and IPO, 12 swindlers cheated the trader. An offense has been registered in the cybercrime police station.

As per available details, Dhruv Vipulbhai Shah, a stock market trader living near Bil Chapad Road in Vadodara was approached by 12 people on social media to start trading in the stock market, IPO, Forex, and Bitcoin. They made him transfer more than four crores and returned 1 crore 96 lakhs and the remaining amount of Rs 2 crore they kept with them. The youth lodged a complaint at Cyber ​​Crime Police Station and police registered a case and started an investigation.

Last October 2020, he saw an advertisement on social media, where a link of social media was given for contact if anyone wanted to start their own trading business in the stock market, IPO, Forex, and Bitcoin.

When the youth clicked on this link, a channel called Mahadev Books was opened and then he read that “if you invest Rs 10 lakh in the stock market, you will get a 25 percent return per month and if you invest more than Rs 1.5 lakh, you will get 15 %  return”. The youth showed his interest in 2.5 lakhs investment and the swindlers talked to him and asked him to transfer 4 crores in different accounts. He borrowed some amount from relatives to invest the money between October 2020 and May 2021.

Dhruv Shah transferred rupees from his accounts in HDFC Bank, AU Small Finance Bank, Bank of India. He also transferred money from his mother’s HDFC Bank, ICICI Bank, and Bank of Baroda accounts.

The accused returned Rs 1 crore 96 lakh to the youth as a return, however, the remaining Rs 2.08 crore was not returned and they blocked the number of the youth. Eventually, the victim filed a complaint against 12 account holders in the matter. The Cyber ​​Crime Police has registered a case and started further investigation.