Surat - A retired banker from Surat has fallen victim to a stock market fraud, losing Rs. 32.65 lakhs. The victim, a 67-year-old resident of Adajan, was lured into investing in the stock market with promises of high profits by a fraudster who identified himself as Raj Patel. Patel promised good returns and low fees if the victim opened a demat account with broker Krishna Sheth, who was vouched for by another customer, Shahidbhai.
Once the victim opened the account and made a profit of Rs. 15,000 on a Rs. 40,000 investment, he was asked to invest more. The fraudster built trust by promising higher profits but failed to deposit them in the victim's account. The victim was then threatened with extortion and asked to transfer margin money. The fraudster subsequently traded gold and silver, leading to a loss of Rs. 41 lakhs.
The victim lodged a complaint with the Surat Cyber Cell after realizing that he had been duped. The cell's team investigated the matter and arrested Rakesh Kantibhai Shankarbhai Prajapati from Visnagar in Mehsana district.
The Surat Cyber Cell has urged the public to be cautious and not fall for schemes that promise quick profits. Financial transactions should be made only after proper verification, and any suspicious activity should be reported to the authorities.
The incident highlights the need for greater awareness of financial scams and the importance of being vigilant while making investments. The authorities must take strict action against those who engage in such fraudulent activities to protect innocent victims.
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