Mumbai: In yet another alarming case of cyber fraud, a 63-year-old retired railway employee in Mumbai has been duped of ₹1.49 crore by fraudsters posing as stock market experts. The accused used a well-planned strategy—first building trust through fake profits, then luring the victim into making repeated investments, and finally extracting additional money under the pretext of charges and taxes.
What began with a small win spiralled into 31 transactions and a crushing ₹1.49 crore loss
According to the investigation, the victim came across an attractive social media advertisement on December 26 that promised high returns from stock market investments. After clicking on the link, she was added to a WhatsApp group named “VIP Share Trading Platform,” which had around 90 members. In the group, administrators regularly shared investment tips, while several participants posted screenshots claiming huge profits, gradually building the woman’s trust.
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Soon, the woman showed interest in investing. The fraudsters then asked her to download a mobile application and complete KYC formalities. She was later added to another WhatsApp group where she received specific trading instructions. Initially, she invested a small amount and made a profit of ₹90,000 within minutes. This early “success” convinced her that the platform was genuine.
Encouraged by the apparent returns, she continued investing larger sums. The fake application kept displaying steadily increasing profits, reinforcing her belief that her investments were growing rapidly. By March 2, she had transferred ₹1.05 crore through 31 transactions into multiple bank accounts provided by the accused.
When the app showed her total balance had grown to ₹7 crore, she attempted to withdraw the funds. However, the withdrawal failed. At this stage, the fraudsters demanded ₹88 lakh as “processing fees” and “taxes.” Later, they offered a so-called discount and asked her to pay ₹44 lakh instead. Trusting them, she paid the amount, but still did not receive any money back.
Forged SEBI papers and fake tax demands kept the victim trapped till the very end
To further strengthen their deception, the fraudsters sent forged documents and receipts in the name of the Securities and Exchange Board of India (SEBI), showing records of her ₹1.49 crore investment. Even after this, when the demands for more money continued, the woman realised she had been cheated and approached the police.
Based on her complaint, a case has been registered against unknown individuals for cheating, forgery, impersonation, and criminal conspiracy, under relevant provisions of the Information Technology Act. Investigators are now tracing the bank accounts, mobile numbers, and digital platforms used in executing the fraud.
Words of an expert on the matter
Renowned cyber crime expert and former IPS officer Triveni Singh explained that such stock trading scams are heavily driven by social engineering.
“Fraudsters first win the victim’s trust by showing fake profits and then gradually push them to invest larger amounts. WhatsApp groups are filled with fake users and manipulated screenshots to create an illusion of success,” he said.
He further warned that greed and misplaced trust are the biggest vulnerabilities exploited in such cases.
“Any investment platform operating solely through WhatsApp or unknown links without proper regulatory backing should immediately raise red flags. Downloading unverified apps or sharing financial details can be extremely risky,” he added.
Police now probe a wider cyber fraud network targeting investors with bogus trading platforms
Police are currently working to identify the masterminds behind the network and to determine whether more victims have been targeted using similar tactics. The case highlights the growing sophistication of cybercriminals who are increasingly targeting individuals through fake investment platforms.
Experts stress that awareness and caution remain the most effective defenses against such frauds, especially as digital investment opportunities continue to expand rapidly.
