19-Year-Old Influencer Kashif Mirza Traps Over 200 People in Rs 42 Lakh Fraud

In a shocking event, 19-year-old influencer Kashif Mirza was arrested in Rajasthan's Ajmer for defrauding over 200 people of Rs 42 lakh through a fraudulent investment plan. Mirza, a Class 11 student, used his Instagram following to attract others by promising high returns on their investments.

The Fraudulent Scheme

Mirza said that people can earn Rs 1,39,999 by investing Rs 99,999 in just 13 weeks. To make his plan seem credible, he initially paid back a small amount of initial investors, which gained his trust and helped force more participants to encourage. As the scheme progressed, Mirza paid off existing investors and took money from new investors, giving them the illusion of a successful trade. However, much like a Ponzi scheme the same year, money eventually ran out, leaving many investors empty-handed.

How He Used Social Media

Mirza used his huge Instagram following to promote his scheme, portraying it as legitimate by showing "success stories" of people who had made money and this convinced many individuals that they were taken money would be invested, unaware that they were part of the fraud.

19-Year-Old Influencer Kashif Mirza Traps Over 200 People in Rs 42 Lakh Fraud

Items Obtained by the police

During the arrest, police recovered a Hyundai Verna car, a cash counting machine and electronic devices from Mirza's house. He is currently in police custody and further investigations are underway to uncover the full scale of the fraud.

Lesson for Investors

This case shows the amount of care one needs to take before investing in any opportunity. People are cautioned that fraud schemes usually promise guaranteed returns, but the operation is not transparent and subject to proper regulation. Ensure you check whether an investment is legal prior to putting any money into it.