A Sharjah chemist allegedly lost ₹1.24 crore in a WhatsApp share-trading scam now under investigation by Mumbai police.
How Did the Investment Scam Begin?
A senior chemist living and working in Sharjah was allegedly cheated after a woman approached him through WhatsApp with an investment opportunity promising substantial returns from the stock market. Mumbai’s North Region Cyber Police have registered a cheating case following a complaint filed by the chemist’s teenage son.
The complainant and his wife, both of Indian origin, reside in Sharjah, while their family lives in Mumbai. According to the complaint, the incident began on August 20 when a woman identifying herself as Ananya Sharma contacted the chemist and encouraged him to invest in shares.
Sharma subsequently shared an invitation to a WhatsApp group called ‘Antara Growth’, which reportedly had 96 members. The group contained discussions about trading strategies, investment opportunities and supposed profits earned by other participants. These conversations allegedly strengthened the chemist’s confidence in the proposed investment.
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How Was the Chemist Persuaded to Invest?
The woman allegedly introduced herself as a registered broker representing an evergreen fund. She provided another link and instructed the chemist to submit personal information, including his passport details and contact information.
Believing the investment opportunity was genuine, the chemist reportedly provided the requested details and began transferring money into bank accounts supplied by Sharma.
He also conducted purported share-trading transactions through the platform linked to the scheme. The investment interface subsequently displayed profits amounting to ₹6.19 crore, creating the impression that his investments had generated substantial returns.
According to the complaint, the chemist eventually transferred ₹1.24 crore into accounts associated with the alleged investment operation.
What Happened When He Requested a Withdrawal?
The alleged fraud became apparent when the chemist attempted to withdraw the profits displayed on the trading platform but was unable to access the funds. He contacted Sharma seeking assistance. She allegedly informed him that he would have to pay a fee equivalent to 5% of the displayed profits before any withdrawal could be processed.
Growing suspicious, the chemist demanded the return of his original investment of ₹1.24 crore. However, his subsequent calls reportedly went unanswered, and he was unable to recover the money. After concluding that he had been cheated, he contacted the national cybercrime helpline 1930 to report the incident.
What Action Have Mumbai Police Taken?
The North Region Cyber Police registered a cheating case based on the complaint submitted by the chemist’s teenage son. Investigators are examining the financial transactions and bank accounts allegedly used to receive the investment funds. They are also investigating the circumstances surrounding the WhatsApp investment scheme. No arrests had been made at the time of the report, and the investigation remained underway.
The case highlights the risks associated with investment offers circulated through messaging groups, particularly when trading platforms display substantial profits but prevent investors from withdrawing their money without additional payments.
