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Dharanendra Jain, the complainant, received a telephone call Friday evening from a person claiming that he was from the customer care centre of his mobile phone company.
The caller told Jain that his mobile SIM card had to be activated for which an OTP number would be sent.
The man sent the OTP to the callers number and within minutes, received a message from his bank saying Rs 50,000 had been deducted from his account.
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A case has been registered, police said.