Mumbai/Thane: In a growing trend of cyber frauds linked to fake trading platforms and investment promises, two serious cases have been reported from Maharashtra where unsuspecting investors lost crores to scammers operating through social media and messaging platforms.
A 50-year-old freelance consultant residing in Lokhandwala Complex, Kandivali East, was allegedly duped of Rs 1.67 crore by fraudsters who lured her with promises of high returns from share trading and IPO investments, a police official confirmed on Thursday. The victim, who is active on social media platforms like Instagram, came across an advertisement for share trading on February 2. She clicked on the link provided in the ad and was added to a WhatsApp group. The group was reportedly operated by fraudsters claiming to work for a company named TradeSmart, dealing in share trading and IPO subscriptions.
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Between February 2 and March 14 this year, the woman transferred a total of Rs 1.67 crore to accounts provided by the scammers. When she failed to receive any returns or meaningful responses, she realized she had been cheated. She lodged a complaint with the North Region Cyber Police Station on Wednesday. A case has been registered under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act against four unidentified accused.
In another case, police in Maharashtra’s Thane district registered a case of fraud involving Rs 1.23 crore. A 60-year-old man and eight other investors were allegedly duped between November 2023 and March 2025 by three men who posed as market experts. The accused, identified as Aniket Muzumdar (35), Sandesh Joshi (43), and Sanket Joshi (36) from Dombivli, ran an investment advisory firm and conducted share market training sessions to gain the trust of potential victims. They promised guaranteed returns through strategic investments in the stock market. The trio reportedly conducted formal training sessions and presented themselves as professionals to attract investors. However, when the victims began demanding either the promised returns or refunds of their principal amounts, the accused started avoiding their calls and failed to respond.
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A case has been registered against them under sections 318(4) (cheating), 316(2) (criminal breach of trust), and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS), along with the Maharashtra Protection of Interest of Depositors (MPID) Act.
Investigations are ongoing in both cases, and police suspect more victims may come forward in the coming days.
Public Advisory:
Authorities have urged the public to be cautious while responding to investment-related advertisements on social media. Any suspicious links or offers should be verified before transferring money. Victims of online fraud are advised to immediately report such cases by calling the cybercrime helpline number 1930 or visiting their nearest cyber police station.