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PNB Gorakhpur Manager loses Rs.70 lakhs in online investment scam


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The manager of PNB in Gorakhpur fell victim to an online investment scam, resulting in a loss of ₹70 lakhs. The manager had been actively involved in the stock market for quite some time, where he met an online broker. Impressed with the broker’s assurances, the manager invested ₹70 lakhs in the stock market through him, only to find the broker absconding with the funds.

Driven by the temptation to earn quick profits, the PNB manager lost ₹70 lakhs within a short period. His involvement in the stock market had been ongoing for several months. During this period, he encountered an online broker who gained his trust. The broker convinced the manager to invest ₹70 lakhs in the stock market, after which he disappeared with the funds. Upon receiving a message about deductions from his account, the manager lodged a complaint at the cyber police station and a case has been registered. Cyber experts are currently investigating the matter.

According to sources, the bank manager had been actively participating in the stock market for several months. During this time, he encountered a broker through an online platform. The broker added the manager to a WhatsApp group, where others shared daily updates on the increase in their earnings. The broker, boasting about a startup, claimed that investing money would yield substantial benefits for everyone involved.

Buoyed by the broker’s claims, including insights into which company’s shares to buy, the bank manager, along with others in the group, experienced profits. Meanwhile, the broker facilitated the opening of new accounts and convinced the manager to deposit money. As the manager observed increasing profits, he invested ₹70 lakhs. Subsequently, the broker closed the group and vanished.

Several local businessmen have also fallen victim to similar scams in the city. In January, a company formed a group comprising around 80 people from Gorakhpur and nearby cities, promising to double their money. Before delivering any profits, the company disappeared. One businessman has filed a case of fraud amounting to five lakhs, and the investigation is ongoing.

Upendra Singh, SI at the Cyber Police Station, stated that the case of fraud surfaced during the investment in the stock market. An investigation is underway, and efforts are being made to recover the lost funds.

7 Comments

  1. I also lost 2.32 lakhs, fraud was very neatly executed , first week they will conduct classes after making whatsapp group, they speak about days stock sold , purchase etc, and they ask us to open account, app is of sequoia, hence we didnot had doubt, but when we came to know that we can’t withdraw I stopped, lot of others lost more than 20 to 30 lakhs.

  2. No branch of any nationalised Bank has power & opportunity to invest on behalf of the Bank .
    It was the branch Manager in his individual capacity fell victim of the online trading of shares.
    Ashish Bardhan
    9748916901

  3. Everyday there’s a case like this… fraud fraud and fraud…yes public also responsible to some extent. these fraud masters are at large and doing this mal practice activities. what I feel our cyber police is not serious about all these happening and should be more serious about these groups doing these. thanks

  4. Daily we read about these cyber frauds but still fall prey to these. Irony is that highly educated & intelligent people get fooled to do these. Innovatively people get cheated. Desire for quick bucks is what leading to these frauds. A little common sense & caution will definitely can help us in thwarting these frauds.

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