Cyber fraudsters defrauded a retired doctor in Mahim of Rs 1.47 crore in an online share-trading scam after gaining his trust by using the photo of Union Finance Minister Nirmala Sitharaman.

According to the police, on October 1, the complainant came across an advertisement on social media that claimed an investment of Rs 21,000 would give guaranteed profits of at least Rs 60,000. The advertisement displayed a picture of Sitharaman, which made the elderly man trust the advertisement.

After the victim entered the basic details, he received a phone call from an unknown WhatsApp number, and the caller introduced herself as ‘Meenakshi’, promising to assist him in share trading. The woman claimed she was representing share trading firm UPSTOX SECURITIES, and asked the victim to create a tra

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