A medicine trader from Nagpur’s Ayyappa Nagar allegedly lost around ₹22 lakh after responding to a social media advertisement promising high returns from share trading, police said.
According to the complaint, Rahmuddin Qazi contacted 42-year-old Mohsin Raza through the mobile number mentioned in the advertisement. Raza allegedly convinced him to invest money by promising lucrative returns.
Between July 21 and August 23, Qazi reportedly transferred nearly ₹22 lakh through online banking to accounts allegedly controlled by the accused. However, the promised returns never arrived, and the trader also did not receive his invested money back.
When Qazi sought a refund, Raza allegedly stopped responding. The incident subsequently led to the registration of a cyber fraud case under relevant provisions of the Bharatiya Nyaya Sanhita and Sections 66(C) and 66(D) of the Information Technology Act.
Police are investigating the case and attempting to trace the accused and recover the money.
Authorities have urged people to verify investment platforms, companies and individuals before transferring money, particularly when schemes promoted online promise unusually high or guaranteed returns.
