Mumbai woman loses Rs 49 lakh after being lured into online trading with promise of huge profits

MUMBAI: A 49-year-old woman from Matunga was duped of Rs 49 lakh after she was lured into investing in stocks, given investing tips that led to huge profits and later told to invest in a money-doubling scheme.
The Matunga police and cyber police have launched a manhunt for Anil Shah and Ashish Shah who allegedly impersonated stock market advisors and lured the woman to invest online.
The woman said that she had recently received WhatsApp messages from someone claiming to be from ‘Stock Frontlines’. Later Anil Shah called her up on WhatsApp and got her to join a WhatsApp group. He told her that there will be lectures on how and where to invest to earn maximum profits.
Initially he advised her on investment and she saw a sharp increase in prices of stocks which won her trust. He then advised her to download a link he had sent to register for trading, said the police. He advised her to invest Rs 25,000 in an app and she got a message that she earned huge profits but when she tried to withdraw she was able to. Later, Ashish and Anil told her to invest Rs 35 lakh. She was lured into investing more funds, but could not withdraw profit. She then approached Matunga police station officials.