Navi Mumbai, September 30, 2025 – A 54-year-old Panvel resident lost a staggering ₹2.9 crore after falling victim to a cyber gang that promised high returns in the stock market through fake investment apps and manipulated WhatsApp groups. The Navi Mumbai Cyber Police have registered a case under sections of cheating and the Information Technology Act, and a probe is underway to trace the fraudsters.
Lured Through WhatsApp Group Masquerading as Brokerage Firm
The victim, identified as Amrendranath Sasmal, an employee of a paper company, was first approached on July 20 when he was added to a WhatsApp group named Motilal Oswal Securities. The group appeared authentic, complete with financial jargon and market tips. The administrator, a woman introducing herself as Ananya Mehta, along with two others posing as financial advisors, convinced Sasmal to begin investing in IPOs and block trading.
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Fake Apps Created Illusion of Profits
To establish credibility, the gang persuaded Sasmal to download three fraudulent apps branded as Morais, Upstox Securities, and Canara Robeco. These applications mimicked legitimate trading platforms, showing rising account balances and fabricated profits. Believing he was earning significant returns, Sasmal invested heavily between May 16 and July 8, transferring ₹2.9 crore from both his own and his wife’s bank accounts into multiple accounts controlled by the syndicate.
According to police, the apps displayed fictitious profits: ₹1.52 crore on the fake Motilal platform, ₹6.93 crore on the Upstox clone, and ₹1.35 crore on the Canara Robeco app.
Fraud Exposed After Withdrawal Attempt
The elaborate scheme began to unravel when Sasmal attempted to withdraw his earnings. Instead of processing the transaction, the fraudsters demanded an additional ₹91.63 lakh as a precondition for releasing his funds. This aroused suspicion, and Sasmal soon realized he had been deceived. He promptly reported the matter on the National Cyber Crime Reporting Portal (NCCRP) and subsequently lodged a complaint at the Navi Mumbai Cyber Police Station on September 11.
Police Launch Probe to Trace Gang
Authorities have registered a case against unidentified individuals under provisions of cheating and the Information Technology Act. “Efforts are underway to trace the cyber gang behind the fraud,” a Navi Mumbai Cyber Police official confirmed. Investigators are tracking the multiple bank accounts used to siphon the money and analyzing digital footprints left by the scammers.
A Growing Cybercrime Pattern
This incident reflects a worrying trend of investment frauds in India where cybercriminals exploit the popularity of stock trading apps and social media platforms. Experts warn that fake trading platforms are increasingly sophisticated, often indistinguishable from genuine ones, making unsuspecting investors easy prey.
Cybercrime specialists urge investors to verify apps through official app stores, cross-check company credentials, and avoid financial dealings initiated through unsolicited WhatsApp groups.
Summary:
A Panvel man’s ₹2.9 crore loss highlights the growing menace of fake trading apps and fraudulent WhatsApp investment groups. While police have launched an investigation, the case serves as yet another reminder of the urgent need for vigilance in the digital financial landscape.
