19 people lose over ₹10 lakh to fraud investment app

Nineteen people have filed a complaint against the operators of an online mobile application for allegedly duping them to the tune of ₹10.53 lakh. The victims were asked to buy several products using the app as investments and promised double return after 45 days

Mumbai: Nineteen people have filed a complaint against the operators of an online mobile application for allegedly duping them to the tune of ₹10.53 lakh.

19 people lose over ₹10 lakh to fraud investment app

The victims were asked to buy several products using the app as investments and promised double return after 45 days.

According to one of the complainants, Manish Jaiswal, who is a mobile mechanic and a resident of Goregaon East, he had met one Vivek Pandey through a mutual friend last month.

On November 19, Pandey sent Jaiswal two links—one for downloading the app “BP” and the other for creating a login and password for the app. He told Jaiswal to invest money on the app, claiming that it offers double returns in 45 days. Pandey also stressed that the app has been operational since 2008 and safe.

Trusting Pandey, Jaiswal and many of his friends downloaded the app. Subsequently, a WhatsApp group was created and the victims were told that transaction details of the members will be maintained in the group and it will also help in settling the returns.

Jaiswal made the first payment of ₹600. Initially, he received the promised returns. He developed trust on the app operators and ended up paying a total of ₹2.20 lakh.

However, Jaiswal and the other investors realised that they were duped when the frauds deleted the app and the WhatsApp group on December 17. The victims coordinated among themselves and approached the Goregaon police.

“I skipped the day’s meals to save money for the marriage of my two sisters. Seeing this opportunity, I withdrew money from my fixed deposit, which I had saved in the past three-four years and invested in the app. Initially, they did give me good returns. I trusted them and eventually ended up losing ₹2.20 lakh. I am under financial crisis and acute mental pressure,” Jaiswal, who is the sole breadwinner of his family, said.

He added, “Most of the victims are service class people. Some had mortgaged their gold, while some borrowed money from their relatives to invest in the app, which turned out to be fraud. I am sure the number of victims in the case would be more.”

“We have registered a case under sections 420 (cheating) of the Indian Penal Code and 66C (identity theft) and 66D (personation by using computer resource) of the Information Technology Act against unidentified accused,” an officer from Goregaon police station said.