Mumbai Police has arrested three persons from Indore for allegedly defrauding people by posing as traders in the stock market.
A 25-year-old engineer from South Mumbai said he had been duped of Rs 17.85 lakh by people who traded in the stock market, Mumbai Mirror reported.
The police said the three individuals arrested allegedly lured people on social media into investing in shares, the report said. All three people are graduates with MBA degrees.
The accused approached the engineer through social media in November 2020 and asked him to fill a form to open a demat account, Mumbai Mirror reported.
After filling the form, the engineer received a phone call asking for a ‘processing fee’ to open the account, the report said.
The victim then kept transferring money to the caller to buy shares, transferring Rs 17.85 lakh in multiple transactions.
The accused showed a fake graph and a certificate as proof of purchase and ownership of shares, the report said.