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The Enforcement Directorate (ED) has cracked down on a sophisticated investment scam, arresting a gang of five individuals who lured victims into investing in fake stocks promising incredibly high returns. This elaborate scheme resulted in substantial financial losses for unsuspecting investors, including a Noida businessman who lost a staggering ₹9.09 crore, a Faridabad woman who lost ₹7.59 crore, and a doctor from Punjab's Bathinda who lost ₹5.93 crore. The investigation revealed the meticulous nature of the scam, highlighting the perpetrators' ability to exploit trust and manipulate digital platforms for their deceitful gains.
The scammers employed a cunning strategy, utilizing social media platforms like Facebook, Instagram, and X (formerly Twitter) to spread their fraudulent advertisements. These ads promised extraordinary financial rewards, enticing potential victims with the allure of quick and easy riches. To further solidify their credibility, the scammers created apps that displayed the names of well-known stocks, futures, options, and other investment instruments. This carefully crafted facade initially gave the impression of legitimate investment opportunities.
However, the ED's investigation exposed the true nature of these apps. The victims were initially shown inflated returns to build trust, but these returns were merely fabricated numbers displayed on the apps. As the victims invested larger sums of money, they gradually realized that they were unable to withdraw their funds. When they attempted to access their investments, the scammers demanded additional payments, citing statutory taxes and brokerage fees. These demands were nothing more than a ploy to extract even more money from their victims. Once the scammers believed they had maximized their ill-gotten gains, they severed all communication and vanished, leaving their victims stranded with substantial financial losses.
Source: 5 in ED custody for investment scam; Noida businessman who lost ₹9 crore among victims