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Mumbai: Santacruz resident loses Rs 67.25 lakh in investment scam

Fraudulent firm operated under multiple aliases, promised high returns on US, Indian stock trades

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The victim was added to a WhatsApp group, where he was encouraged to invest in stocks. Representation pic/iSTOCK

The victim was added to a WhatsApp group, where he was encouraged to invest in stocks. Representation pic/iSTOCK

A 54-year-old Vaastu professional from Santacruz lost Rs 67.25 lakh in an investment scam run by a fraudulent trading firm, Lord Abbett. The company falsely claimed to invest in Indian and US stock markets. The victim was shown a fake profit of R1.43 crore on a trading app, but their account was blocked when they tried to withdraw funds, exposing the scam.

With help from Lex Ethics Associates, it was discovered that the scammers operated under multiple names. A complaint was filed on January 3, and an FIR was registered at Cyber West police station. Authorities are investigating to apprehend the accused.

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