Online Stock Market Fraud Leads to Youth's Death, Four Booked for Cheating and Suicide Abetment

Strategic Insights -

Vijay Tete, a 20-year-old student, took his life by jumping in front of a local train in Kurla, Mumbai, after being cheated of ₹1.8 lakh in an online stock market fraud. The police have booked four individuals for cheating and suicide abetment, and the investigation is ongoing to identify the main cyber fraudsters. According to the police, Tete had invested ₹1 lakh in an online trading site, despite his father's warning that it could be a scam. The site managers threatened him to invest more to earn profits, and eventually, he lost ₹1.8 lakh.

Key Takeaways:

  • The police have arrested four individuals, Govind Ahirrao, Sunil Kumar Mishra, Aman Abbas, and Harjit Sandhu, for cheating and suicide abetment in relation to the online stock market fraud.
  • The investigation revealed that Vijay Tete was depressed after being cheated of ₹1.8 lakh and took his life by jumping in front of a local train.
  • Tete had invested ₹1,000 on an online trading site and instantly received a profit of ₹1,000, encouraging him to invest more.
  • Despite his father's warning, Tete insisted on investing more, and the site managers continued to pressure him to pay more or lose profits.
  • The State Bank of India (Madhya Pradesh branch) reversed the amount, flagging that the beneficiary account was fraudulent, but Tete ignored the warning and lost ₹1.8 lakh.
  • The police are still searching for the main cyber fraudsters involved in the scam.

Statistics:

  • ₹1.8 lakh: The amount Vijay Tete was cheated of in the online stock market fraud.
  • ₹1 lakh: The amount Tete's father subsequently transferred to another account.
  • ₹1,000: The initial amount Tete invested in the online trading site.
  • ₹1,000: The profit Tete instantly received after investing ₹1,000.

Sources:

  • Indian National Press (Bombay) Pvt. Ltd.
  • Contify.com