Gujarat Trader Loses Rs 17.45 Lakh in Fake Dream11 Investment Scam

Prepend to the content

A Viramgam-based saree trader’s attempt to make profits through a fantasy cricket team resulted in financial loss when he fell victim to an online scam. Jatin Magnani lost Rs 17.45 lakh to individuals who promised him a 40% return on his investment in a fake Dream11 cricket team. After a three-month investigation, Ahmedabad Rural Police tracked down and arrested the main accused, Mohammed Kaif, from a village in Nuhn district, Haryana.

As reported by Ahmedabad Mirror, the incident took place during the ICC World Cup 2024. On March 29, 2024, while browsing Facebook, Jatin came across a message: “Invest in Dream11, we will form a winning team for you and guarantee returns as high as 40-50%.” Interested in the offer, he clicked on the link, which led him to a Facebook page containing QR codes and UPI IDs for payments.

Jatin made multiple payments between March and November 2024, transferring a total of Rs 17.45 lakh. When he attempted to withdraw his ‘winnings,’ he was informed that his prize had increased to Rs 25 lakh and was asked to pay additional ‘fees’ to process the withdrawal.

The Investigation

Realizing he had been misled, Jatin filed a complaint. Ahmedabad Rural Police conducted an investigation and traced the transactions to Nuhn, Haryana. They later arrested Mohammed Kaif in connection with the case.

Caution Against Online Fraud

This case highlights the need for caution while engaging in online transactions related to fantasy gaming. Law enforcement officials advise users to verify the authenticity of investment schemes and avoid offers that promise high returns with minimal risk.

As fantasy sports continue to attract users, there is an increased need for awareness about potential fraud. Experts recommend using only official platforms and being cautious of third-party links.

For Jatin Magnani, the incident serves as a reminder of the importance of careful financial decision-making in online activities.

The post Gujarat Trader Loses Rs 17.45 Lakh in Fake Dream11 Investment Scam appeared first on G2G News.