A 19-year-old man in Rajasthan's Ajmer has been arrested for allegedly cheating over 200 people of about Rs 42 lakh through a fake investment scheme, police said on Monday, November 11. The man identified as Kashif Mirza, is a Class XI student who targeted social media users by making fake promises that they could make substantial profits, NDTV reported.

According to Police, Mirza was an "influencer" and had a huge number of followers on Instagram. He told the victims that they would get Rs 1,39,999 for investing Rs 99,999 for 13 weeks. "Initially, he provided some investors with the profit so that they get influenced and tell more people," an official told NDTV.

A Hyundai Verna, a cash counting machine, phones and laptops were recovered from him. Additionally, he has now been sent to a two-day police remand, NDTV reported.

Precaution to be taken

A person should always carry out proper research about the company or individual before investing. The investor should also check if the investment company and the individuals promoting investment schemes are properly regulated by relevant financial regulatory authorities.

Contact local police in case of an emergency or to report crimes other than cyber crimes. The national police helpline number is 112. The national women's helpline number is 181 and cyber crime helpline is 1930.