A 56-year-old Mumbai travel agency owner has allegedly lost ₹4.92 crore in an online share trading scam, police have said.
How Did the Investment Fraud Begin?
The complainant, a resident of Colaba who operates a tour and travel agency, was allegedly deceived through an online investment platform that promised returns from stock market trading.
According to South Cyber police, the businessman came across a stock trading advertisement on social media on August 10 and submitted his details through a linked form. He was subsequently contacted by a woman identifying herself as Ananya Sharma, who claimed to represent a company providing investment advice. She added him to a WhatsApp group where members regularly discussed investment opportunities and reported substantial returns.
The businessman had no previous experience in direct share market trading, although he had invested in systematic investment plans and mutual funds. The investment discussions and apparent profits shared by group members gradually convinced him that the platform was genuine.
FCRF Launches CP-FRM to Build India’s Next Generation of Fraud Risk Professionals
How Was ₹4.92 Crore Transferred?
On August 17, the woman allegedly contacted the complainant again and explained how to use a share trading application. She encouraged him to begin investing immediately.
Following her instructions, the businessman downloaded the application and started transferring money to bank accounts provided through the platform. Whenever he selected an investment option, the application allegedly displayed account details for transferring funds through RTGS or NEFT.
The transferred amounts appeared as investments in the application, while the portfolio displayed profits that encouraged further deposits.
According to police, the complainant continued transferring money over several weeks. By September 27, he had deposited approximately ₹4.92 crore through the platform.
Why Was the Victim Allowed to Withdraw Money?
Investigators suspect that the fraudsters deliberately permitted the businessman to withdraw ₹2.97 lakh in purported profits on September 17. Police believe the withdrawal was intended to establish confidence in the platform and persuade him that the displayed investment returns were genuine.
The complainant became sufficiently convinced of the platform’s credibility that he encouraged a 48-year-old employee of his travel agency to invest. The employee subsequently invested through the same platform and reportedly lost approximately ₹10 lakh.
The successful initial withdrawal and apparently profitable portfolio were central to maintaining the complainant’s confidence before he attempted to recover a larger amount.
What Happened When He Tried to Withdraw Again?
The alleged fraud became apparent when the businessman attempted another withdrawal and his requests were repeatedly rejected. When he contacted the woman, she allegedly claimed that he had invested in initial public offerings and needed to deposit additional money before withdrawing his funds. Suspicious of the explanation, the complainant contacted the cybercrime helpline.
The complaint was subsequently transferred to South Cyber police, who registered a case involving cheating, forgery and personation, along with relevant provisions of the Information Technology Act.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
