05 December,2024 07:20 AM IST | Mumbai | Faizan Khan
The victim said he was coaxed to purchase various IPOs. Representation pic
A Banana wholesaler from Colaba was duped of over Rs 67 lakh in an investment scam, police said, adding that an FIR has been registered with the South Cyber Cell of the Mumbai Crime Branch, and an investigation into the matter has been launched.
According to the victim, 36, the fraud occurred between September and October. He approached the police last week to fila a complaint.
The victim said that he was added to a WhatsApp group named A516YSIL Official Member Exchange Group and instructed to download an app - YESPRO - for
investments.
The complainant told the police that he was encouraged to purchase various IPOs and initially invested Rs 5,000 using the app, which showed a 10 per cent profit.
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Convinced by the apparent returns, he subsequently invested Rs 8.58 lakh, and the profits displayed on the app continued to grow. Encouraged by this, he kept investing until his total investment reached Rs 67,70,000, with the app showing a profit amount exceeding Rs 1 crore.
However, he said he realised it was a scam when he attempted to withdraw the funds and was asked to pay a 10 per cent service fee.
