The police are on the lookout for unknown scammers for allegedly duping two investors collectively to the tune of over Rs1.30 crore on the pretext of assuring them huge profits on shares investment.

In the first case, a 34-year-old Thane resident received a WhatsApp message from an unknown woman about share market investment on June 24. Later, on July 8, the his mobile number was added in a WhatsApp group of 50 members and tips on shares investment was being imparted on the group.

The scammers then shared a web link with the complainant and asked him to open a trading account. Then onwards, on the instructions of the scammers who posed as market experts, between August 30 and October 16, the complainant ended up transacting Rs73.75 lakh in 20 online transactions.

However, when he tried to transfer his earnings from the trading account to his bank account, his requests were denied. Despite repeated inquiries with the scammers about the money, when the man did not get any satisfactory response, he realised that he had been duped. On Sunday, a case was registered by the police under sections 66C (identity theft) and 66D (cheating by personation by using computer resource) of the Information Technology Act.

In another case, a 41-year-old Thane resident was contacted by a scammer asking the complainant if he was interested in investing in shares. He was then induced to join a WhatsApp group having 111 members in it. Initially the complainant received returns on his investment credited in his bank account.

Thereafter, between October 22 and November 5, he transfered Rs56.48 lakh in nine online transactions in different beneficiary bank accounts and could see his earnings of Rs1.57 crore on the trading account. However, when the complainant tried to withdraw his earnings, his requests were rejected.

The complainant then realised that he had been duped and approached the police. A case has been registered by the police on Sunday under sections 318 (cheating), 336 (forgery) of the Bharatiya Nyaya Sanhita and 66D (cheating by personation by using computer resource) of the Information Technology Act.v