Mumbai: Cyber fraudsters have cheated a 68-year-old Mumbai resident of nearly ₹11 crore within just 20 days by luring him into a fake stock market investment scheme, officials said. Cyber authorities have launched a technical probe and are analysing bank transactions and digital trails to identify those behind the racket.
According to preliminary findings, the victim came across an online advertisement promising unusually high returns on stock market investments. Trusting the claims, he clicked on the link provided in the ad, after which he was added to a WhatsApp group operated by the fraudsters.
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Inside the group, individuals posing as market experts and successful investors regularly shared messages about lucrative IPOs, preferential shares and high-return trading strategies. The coordinated conversations were aimed at building confidence and convincing the victim that the investment opportunity was safe and legitimate.
The accused then asked the senior citizen to download a mobile application that displayed his so-called investment portfolio. The app showed inflated mark-to-market profits on its dashboard, creating the impression that his money was rapidly growing.
Encouraged by the figures shown on the app, the victim transferred close to ₹11 crore over different dates to more than 12 separate bank accounts provided by the scammers. At one point, the platform reflected his total investment value at nearly ₹18 crore.
Trouble began when he attempted to withdraw the funds. Instead of processing the request, the fraudsters demanded an additional ₹8 crore, citing taxes, processing charges and account clearance fees. This raised suspicion, prompting the victim to realise he had been cheated.
Cyber officials said routing money through multiple accounts is a common tactic used by organised gangs to complicate tracing efforts. In this case too, the funds were deliberately fragmented across several bank accounts to obscure the money trail.
Investigators are now examining banking records, mobile numbers, IP logs and technical data linked to the fake app to map the entire network. Authorities believe the fraud is part of a larger organised cyber syndicate, with different individuals handling victim engagement, fake platform operations and fund movement.
Cybercrime experts noted that such scams typically begin with small investments and fabricated profits to build trust, followed by demands for larger sums. When victims try to withdraw their money, new conditions are imposed to extract even more funds.
Following the incident, cyber police issued an advisory urging citizens to remain cautious of unsolicited investment offers circulating on social media and messaging platforms. Officials warned that promises of “guaranteed returns” or unusually high profits are major red flags.
People have been advised to immediately call the 1930 cyber helpline, register complaints on the National Cyber Crime Reporting Portal, and inform their banks without delay in case of suspected fraud, as early reporting improves the chances of freezing accounts and limiting losses.
Further investigation is underway.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
