Mumbai, November 23: A retired medical practitioner from Mahim has reportedly lost ₹1.47 crore after falling prey to an elaborate cyber fraud racket that used the name and image of Union Finance Minister Nirmala Sitharaman to promote a fake investment programme. According to the Central Cyber Police, the fraud network lured the victim through a misleading social media advertisement that claimed small investments could yield unusually high profits.
Officials said the incident highlights a growing trend of cybercriminals misusing photographs and names of well-known financial personalities to gain public trust.
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The Trap: A Social Media Ad and a Fake Government Scheme
Police said that on October 1, the doctor came across an advertisement promising that an investment of ₹21,000 could grow to ₹60,000 within a short period. The post carried the finance minister’s photograph, making it appear like a legitimate government-backed financial initiative.
Mistaking the ad as credible, the victim clicked on the embedded link and submitted his personal information.
Within hours, he received a call from a woman who identified herself as Meenakshi, claiming to represent a stock trading firm associated with the scheme.
WhatsApp Groups, Fake Screenshots, and Artificial Profits
Investigators said the fraudsters added the victim to multiple WhatsApp groups filled with accounts posing as active investors. Members in the group frequently shared screenshots showing huge earnings, giving an impression of community participation and transparency.
On October 5, the victim was persuaded to start with a trial investment of ₹1,000, after which the app displayed an immediate profit of ₹108.
“The platform was designed to simulate real-time stock trading and returns to build trust,” a cybercrime investigator said.
Encouraged, the retired doctor continued investing over multiple transactions, eventually transferring ₹1.47 crore through various bank accounts linked to the fraudulent app.
Police said at one point, the investment dashboard displayed a fabricated profit balance of nearly ₹6 crore, convincing the victim that he had unlocked extraordinary gains.
Scam Exposed During Withdrawal Attempt
The deception unraveled when the victim attempted to withdraw his funds. He was asked to deposit an additional ₹90 lakh as ‘tax’ and processing charges, allegedly to release the accumulated profit.
Sensing irregularities, the victim consulted a friend, who immediately advised him to approach authorities. He then filed a formal complaint with the Central Cyber Police.
Case Registered Under Cybercrime and Fraud Laws
Following the complaint, officials registered a case under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, pertaining to cheating, impersonation and financial fraud.
A senior officer confirmed that efforts are underway to trace the digital footprints of the scammers, but warned that such networks often operate across borders through offshore servers and spoofed identities.
Rising Trend of Celebrity-Linked Cyber Frauds
Cyber officials have noted a surge in investment scams using photographs of political leaders, business icons, stock market experts, and even celebrities to mislead the public.
“This is not a random phishing attempt—it is a well–planned psychological operation designed to manipulate trust,” the officer added.
Police Advisory
Authorities have urged citizens to verify investment platforms through official government portals and avoid offers that promise unusually high guaranteed returns.
“If it sounds too good to be true, it usually is,” the cyber police statement said.
