Mumbai: In a fresh case of online investment fraud in India’s financial capital, a 51-year-old share trader from Dadar was allegedly cheated of around ₹86.9 lakh by cyber fraudsters who lured him through fake stock trading platforms and WhatsApp groups.
Trapped in a Web of Lies
The victim, who already had experience in stock market trading, was targeted through an online advertisement promoting high-return investments in trending shares. After clicking the link, he was added to a WhatsApp group named “F5 Axis Securities Group,” where the administrators claimed to represent a reputed securities firm and offered expert trading guidance.
Fake ₹2.1 Crore Balance Turned Dream Profits Into Nightmare Losses
Initially, the victim was shown small profits on minor investments, which helped build trust. Encouraged by the apparent gains, he was then registered on a fraudulent website identified as “asloepxccv.com.” The platform displayed a fake trading dashboard showing his investment growing rapidly to over ₹2.1 crore.
Withdrawal Request Triggered Fresh Demands for Taxes and Charges
The entire system was carefully designed to create an illusion of genuine profits. Based on this fabricated growth, the victim was repeatedly asked to transfer money into different bank accounts under various pretexts.
When he attempted to withdraw ₹50 lakh, the fraudsters demanded additional payments under the guise of IPO charges, taxes, and processing fees. This is a common tactic used in such scams to extract more money from victims before disappearing.
WhatsApp Group Vanishes Overnight, Exposing Massive Cyber Fraud
Once the victim refused to pay further and began questioning the process, the entire network suddenly shut down. He was removed from the WhatsApp group, and the website became inactive, revealing the fraudulent nature of the scheme.
According to officials investigating such cases, cyber fraudsters typically run targeted advertisements on social media and search engines to attract potential investors. Victims are then added to WhatsApp or Telegram groups where fake experts continuously promote unrealistic profits to build trust and pressure further investments.
A cyber expert explained, “In such cases, fraudsters exploit both trust and greed. They first show small returns to psychologically trap the victim and then push for larger investments. The fake platforms are so convincing that even experienced investors can be misled.”
Police sources stated that the stolen funds are quickly routed through multiple bank accounts, commonly known as mule accounts. The money is then layered through various transactions and often converted into cryptocurrency before being transferred abroad, making recovery extremely difficult.
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Cybersecurity agencies emphasize that delayed reporting remains one of the biggest challenges in such cases. If victims immediately contact cyber helplines or banks, transactions can sometimes be frozen in the “golden hour,” but delays usually result in complete loss of funds.
Experts have also warned that any platform promising “guaranteed 5% to 30% returns” is highly suspicious. Investors are advised to verify company credentials, SEBI registration, and official sources before making any financial commitments.
This incident once again highlights how rapidly evolving cyber fraud techniques are keeping pace with digital investment growth. The ₹86.9 lakh loss is not just a financial setback but also a reminder that even a small lapse in online investment safety can lead to massive losses.
