A senior bank official in Mumbai was allegedly cheated of ₹97.78 lakh after fraudsters posed as representatives of an investment advisory firm, lured him into a fake share trading scheme and displayed inflated returns on a fraudulent mobile application, police said.
WhatsApp Groups and Fake Identity Built Trust
According to police, the complainant is a 44-year-old resident of Chembur East who works as an assistant vice president at a leading bank. He told investigators that on February 1, 2026, he received a WhatsApp link from an unknown number and was later added to groups named Kotak Investors Alliance and Kotak Securities.
Police said a woman identifying herself as Anvika Mehra claimed to be the assistant of an investment adviser. When the victim searched the name online, the profile appeared to belong to a senior official of a reputed company, which increased his confidence in the scheme.
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Fraud App Showed Returns and Bigger Balance
Investigators said the victim was persuaded to download a mobile application called Neo Cotpro through a link. After registering his mobile number and completing KYC details on the application, he was encouraged to begin investing in share trading. The WhatsApp groups regularly shared screenshots showing other members earning large profits, creating the impression of a legitimate platform.
The victim initially invested ₹50,000 and soon saw a 5 per cent return reflected on the app. Encouraged by this, police said, the accused contacted him through multiple phone numbers and advised him to invest in shares of various companies and transfer money to different bank accounts. Between February 23 and April 15, 2026, he transferred a total of ₹97.78 lakh.
Withdrawal Attempt Exposed the Fraud
To maintain credibility, the fraudsters allegedly returned ₹70,000 to the victim, describing it as profit. This prompted him to invest further. The application later displayed a total balance of ₹1.67 crore, including profits. However, when he tried to withdraw the amount, the accused stopped responding, leading him to realise he had been cheated.
Police said the victim reported the fraud on April 18, 2026 through the National Cyber Helpline 1930 and later filed a detailed complaint at the cyber police station on April 20. Further investigation is underway.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
