Brahmapur / Odisha: A man from Brahmapur has fallen victim to a cyber fraud and lost ₹51 lakh after being lured into investing in IPOs through a fake online app. A case has been registered at the Brahmapur Cyber and Economic Offences Police Station, and an investigation is underway.
According to police sources, the victim recently came across an online app claiming to facilitate IPO investments. Trusting the platform, he opened a demat account and initially invested ₹5 lakh in a company’s IPO.
Encouraged by the fraudsters, he continued investing and transferred a total of ₹51 lakh within a month. However, when he later attempted to withdraw his money and profits, the transaction failed.
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Soon after, the fraudsters blocked his access to the app and shut down all communication. When he was unable to contact the company or its representatives, he realised he had been cheated.
The victim then approached the cyber police and lodged a formal complaint. Police are now tracing the suspects through their bank accounts and digital footprints.
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