Navi Mumbai Woman Loses Rs 2.29 Crore in Online Trading Scam

The420.in Staff
2 Min Read

NAVI MUMBAI: A 43-year-old woman entrepreneur from Belapur, Navi Mumbai, has reported losing ₹2.29 crore in a sophisticated online trading scam that unfolded between April and July 2025. Police have registered a case and are probing the identity of the accused, who posed as financial advisors and manipulated the victim using a fake trading app.

Centre for Police Technology

WhatsApp Investment Group Sparked Interest

The incident came to light after the woman’s husband was added to a WhatsApp group named ‘VIP 1 Equity Exchange’, which appeared to be a financial advisory community sharing regular stock trading tips. Convinced by seemingly high returns showcased by other members, he reached out to the group for investment guidance.

The fraudsters claimed to be associated with a reputed financial advisory firm. They introduced a multi-phase investment plan and directed the couple to download a mobile application called ‘Impv Pro’. The woman created a trading account in her name as instructed and began transferring funds.

Over a span of three months, she made multiple transfers totalling ₹2.29 crore to various bank accounts provided by the suspects.

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IPO Charges Trigger Suspicion

The deception unravelled when the woman expressed interest in investing in an upcoming IPO. She was asked to make an additional payment of ₹4.18 crore as “processing charges.” Alarmed by the unusually high demand, she consulted her family members, who advised caution.

Upon contacting customer support of the financial firm the scammers claimed to represent, the woman was informed that the company does not operate through any mobile app. The realisation led to a formal complaint being filed with the Navi Mumbai police on Sunday.

Authorities have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita — including Sections 318(4), 319(2), 336(2), 3(5) — and Section 66(D) of the Information Technology Act. Investigations are ongoing.

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