Man invests money in lucrative mobile app program and ends up losing Rs 53,000

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A 30-year-old man lost money after discovering a mobile app that claimed to offer a lucrative return on his investment. The app stated that the money invested would be used for the purchase of medical equipment that would be leased and that the profits generated would be returned to investors. The victim filed an FIR with the police.

According to the police, the complainant is a resident of MG Marg in Agripada and is taking private lessons. According to the victim, through his relatives, he had learned of a mobile application that claimed to invest the money put by investors in the purchase of medical equipment and would generate profits by renting said equipment.

On November 12, the victim had downloaded and installed the application on his phone. The app contained details of the various programs provided by the app, as well as the income that an investor could generate by investing in those programs. The victim also joined a WhatsApp group to which other investors and app company officials belonged, police said.

“Initially, he invested a small amount and got returns on his investment, then he gradually invested Rs 53,690 in the program. The administrator of the said group, a woman known only as Shivani, had informed the investors that they would get their returns in Nov. 22, but on Nov. 21, the app became dysfunctional, ”said a police officer.

After all attempts to transaction through the app and to communicate with those responsible for the app failed, the victim approached the police and filed a complaint on Tuesday and registered a case under the Section 420 (cheating) of the Indian Penal Code and sections 66C (punishment for identity theft) and 66D (punishment for cheating by impersonation using computer resources) of the Information Technology Act.

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Posted on: Thursday November 25, 2021 6:27 PM IST


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