Rs 1.4 Crore Duped Through Online Stock Market Investments in Kolkata

Strategic Insights -

A South Kolkata businessman has accused Ismail Khan and five of his associates of duping him of Rs 1.4 crore through false promises of high returns on investments in the stock market. The complainant was convinced to invest Rs 40 lakh in April and May 2024, and was later coerced into making further investments totalling Rs 1.1 crore over the next five months. The accused claimed to be operating a legitimate share trading business under the name RR United, but ceased communication and became untraceable after failing to provide profits.

Key Takeaways:

  • A South Kolkata businessman has filed a complaint against Ismail Khan and five associates for allegedly duping him of Rs 1.4 crore through online stock market investments.
  • The complainant was convinced to invest Rs 40 lakh in April and May 2024, and was later coerced into making further investments totalling Rs 1.1 crore over the next five months.
  • The accused claimed to be operating a legitimate share trading business under the name RR United, but failed to provide profits and became untraceable after the complainant took out loans to make further investments.
  • The complainant alleges that multiple excuses and threats were used to prevent attempts to recover the invested amount.
  • The case was lodged under sections 61(2), 318(4), and 316(2) of the BNS Act on October 23, 2024, at the Beniapukur Police Station.

Statistics:

  • Rs 1.4 crore: the total amount allegedly duped by Ismail Khan and five associates.
  • Rs 40 lakh: the initial investment made by the complainant in April and May 2024.
  • Rs 1.1 crore: the total further investments made by the complainant between April and September 2024.
  • 5 months: the duration over which the complainant made further investments after the initial investment.
  • Rs 70 lakh: the total amount invested by the complainant between April and August 2024.
  • Rs 30 lakh: the total amount invested by the complainant in September 2024.

Sources:

  • Times of India
  • BNS Act (sections 61(2), 318(4), and 316(2))
  • Beniapukur Police Station