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A 70-year-old resident of Mulund (East) has been cheated of Rs 1.24 crore in a sophisticated cyber fraud after being lured by assurances of 30% profits from online share trading. Police said the victim, a retired professional from the pharmaceutical sector, transferred nearly his entire life savings to accounts linked to fraudsters who operated through social media advertisements and messaging platforms.
According to investigators, the complainant lives in the Navghar area with his wife and retired in 2016. He maintains four bank accounts—three with private banks and one with a public sector bank. The fraud began on August 22, when he was scrolling through reels on Facebook and noticed an advertisement promoting high-return investments in the share market.
The advertisement included a link inviting interested users to learn more. Police said the victim clicked on the link and completed a basic KYC process. Within minutes, he received a call from an unknown number. The caller asked whether he was interested in stock market trading and later introduced himself as Ayaan, claiming to be a financial adviser associated with a firm named Finadexa.com.
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Building trust through training and dashboards
Investigators said the fraudsters adopted a gradual approach to gain the victim’s confidence. The caller provided basic “training” on stock market concepts and suggested specific stocks projected as high-return opportunities. A virtual trading account was then created for the complainant, complete with a professionally designed dashboard that displayed real-time figures.
Believing the operation to be legitimate, the victim began transferring funds via RTGS to multiple bank accounts shared by the accused. Between August 22 and November 21, he made 30 separate transactions, cumulatively amounting to Rs 1.24 crore.
Police said the dashboard showed steadily increasing returns, reinforcing the victim’s belief that his investments were performing well. At one point, the platform displayed profits of approximately Rs 85 lakh, further convincing him that the scheme was genuine.
The withdrawal trap
The fraud came to light when the complainant attempted to withdraw the profits. Despite repeated attempts, the withdrawal did not go through. When he contacted the person who had been guiding him, he was told that to unlock the funds he would first need to invest an additional Rs 1.7 crore as a prerequisite for withdrawal.
Sensing something amiss, the victim consulted relatives and friends, who warned him that the demand was a common tactic used in online investment scams. Realising he had been cheated, he approached the East Cyber Police Station and lodged a complaint.
Case registered, money trail under scrutiny
The complainant submitted bank statements and WhatsApp chat records as evidence. After preliminary verification, police registered a case against four unknown persons under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
A police officer involved in the probe said investigators are coordinating with banks to trace the fund trail, identify beneficiary accounts and determine whether money mules were used to layer transactions. “Such scams often involve multiple accounts opened in different names. Tracking the end beneficiaries is a priority,” the officer said.
A familiar but evolving pattern
Police noted that cases involving fake share trading platforms, fabricated dashboards and guaranteed profit claims have seen a sharp rise, particularly targeting senior citizens and retirees with accumulated savings. Fraudsters often exploit social media algorithms to reach potential victims and then move conversations to encrypted messaging apps.
Authorities reiterated that assured or unusually high returns are a key red flag and advised citizens to verify investment advisers and platforms through official regulatory channels before transferring funds. They also urged people to be cautious of unsolicited investment pitches encountered on social media and messaging platforms.
As the investigation continues, police said the case underscores the growing sophistication of cyber frauds and the urgent need for public awareness to prevent similar losses.
