<p>Nikol resident Gaurang Korat, 35, lodged a police complaint after losing Rs 38.31 lakh in an online investment scam involving fake promises of profits from gold and stock market trading. The scam began on May 2, 2024, when Korat received a WhatsApp message offering high returns and was added to a group.</p><p>He was directed to download trading app "ET5Trading" and given a beginner account with 50,000 USDT (Tether). He was convinced to take out loans and deposit large sums into various bank accounts. Over time, he deposited Rs 38.31 lakh in his trading account. When he attempted to withdraw his earnings, the scammers cut off communication. Realising the fraud, Korat filed a complaint on the cybercrime helpline (1930).</p>

Man duped of Rs 38.31 lakh

685,1334,225,97,1613,2062

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.