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A 70-year-old man from Bhiwandi in Maharashtra’s Thane district allegedly lost ₹1.29 crore after cyber fraudsters lured him into investing through a fake online trading application promoted through a WhatsApp group, police said.
The alleged fraud took place between July 10 and October 30, 2026. The victim was added to a WhatsApp group named “Finsol-Wings of Education Campaign 108 o A5 Vision Circle”, where members allegedly persuaded him to download an online trading application called FINSOL.
Believing that the platform would generate high returns from share-market investments, the senior citizen transferred a total of ₹1,29,96,593 from multiple bank accounts to the trading platform.
The fraud came to light when he attempted to withdraw his accumulated funds and was allegedly asked to pay another ₹20 lakh before the money could be released.
WhatsApp Group Used to Promote FINSOL Trading App
According to police, members of the WhatsApp group presented the FINSOL application as an online trading platform capable of generating lucrative returns.
The victim allegedly began transferring money after being convinced that his investments were growing on the platform.
Over the course of the scheme, he transferred more than ₹1.29 crore from different bank accounts.
The money was allegedly sent to accounts linked to the fraudulent investment operation.
The senior citizen continued to believe that the funds displayed on the application represented genuine investment returns until he attempted to make a withdrawal.
At that stage, the people operating the platform allegedly demanded an additional ₹20 lakh.
They claimed that the extra payment was necessary before the victim’s accumulated funds could be released.
When the senior citizen failed to recover his money despite the large investments already made, he approached police and filed a complaint.
Thane Cyber Police Registers Case
Following the complaint, Thane Cyber Police registered a case against several people and entities allegedly involved in the fraud.
The case covers holders of beneficiary bank accounts, creators of the FINSOL trading application, administrators of the WhatsApp group, advertisers and financial service providers allegedly connected with the operation.
The FIR names Ananya Kulkarni and Gul Tekchandani along with several WhatsApp group administrators operating through different mobile numbers.
Police are examining the movement of the victim’s money and the bank accounts through which the funds were allegedly routed.
Investigators are also looking into the creation and operation of the FINSOL application and the role of those who promoted it through the WhatsApp group.
No arrests had been made at the time the case was reported.
₹20 Lakh Demand Triggered Suspicion
The demand for an additional ₹20 lakh became the point at which the alleged fraud became clear to the victim.
Such investment scams often create the appearance of profits on digital platforms while preventing users from withdrawing money.
In this case, the senior citizen had already transferred ₹1,29,96,593 before being told that a further payment was required.
The police complaint alleges that the platform operators and associated individuals continued to demand money instead of allowing the victim to withdraw his supposed returns.
Investigators are now trying to identify all beneficiary accounts used in the transactions and establish the roles of the individuals named in the FIR.
The case also highlights the risk of investment offers promoted through private WhatsApp groups, particularly when users are asked to download unfamiliar trading applications and transfer large sums to multiple accounts.
Police have not reported any arrests so far, and the investigation into the alleged FINSOL trading scam is continuing.
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.
