MUMBAI: A 62-year-old resident of Bandra, Mumbai, lost ₹7.88 crore over a two-month period after responding to a WhatsApp message from someone posing as a representative of a reputed financial firm. Scammers posing as “Priya Sharma” lured her into a WhatsApp group of alleged investors, where she was offered stock market tips and directed to download a trading app. Believing she was profiting, she transferred money repeatedly—until a “10% penalty” demand on withdrawal raised suspicions and triggered a police investigation.
How the Fraud Unfolded
The victim joined a WhatsApp investment group administered by “Priya Sharma” and others. She shared her PAN card with an app developer posing as “Suman Gupta” and witnessed a counterfeit profit display. After investing ₹7.88 crore, she tried to withdraw funds—but was blocked unless she paid an additional 10% fee. Recognising the scheme, she filed a complaint with Mumbai’s Cyber Police.
Red Flags and Police Response
The cyber unit has registered a formal case and launched an investigation into the fake trading platform and the WhatsApp mastermind. Officers warn investors to verify app authenticity, double-check URLs, and research the background of anyone soliciting investments online.
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The Broader Scam Landscape
This incident adds to a series of high-value frauds targeting elderly investors and newcomers to digital finance. Similar cases include a Bengaluru student losing ₹3.7 crore and a Faridabad woman losing ₹7.59 crore—all through counterfeit investment schemes offering quick returns.