YouTube Exploitation: Pune Man Deceived by Fake Stock Broker, Loses Rs 25 Lakh
Pune, 18th May 2023: A young man from Pune was swindled out of Rs 25 lakh by an individual posing as a prominent stock market broker. The accused, Milan Jinendra Jain (26), was arrested by the Pune Cyber Police in Alwar, Rajasthan. The court has ordered the accused to remain in police custody until May 22.
The victim, Ranveer Rajendra Jadhav (26) from Sinhagad Road, Pune, filed a complaint at the Cyber Police Station detailing the fraudulent scheme. The scam unfolded between October 2019 and February 2022. Milan Jain, who claimed to be a renowned stock market broker, used his YouTube channel to entice investors by promising substantial profits within a short period of time.
Operating under the name “Trading with Apri,” Jain convinced Jadhav to invest Rs 25 lakh and an additional sum of ten thousand rupees. However, the promised profits failed to materialize, and Jain refused to return the principal amount. Jadhav’s attempts to recover his investment were met with deception and evasion.
The Pune Cyber Police conducted a thorough investigation into the matter, leading to the arrest of Milan Jain. The police have charged him with fraud and other relevant offenses, highlighting the severity of his actions.
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