A 68-year-old retired bank manager in Mumbai has been cheated of nearly ₹1.5 crore in a sophisticated cyber investment fraud involving a fake social media advertisement featuring Union Finance Minister Nirmala Sitharaman.
According to officials, the victim came across a misleading Facebook video advertisement claiming that an investment of just ₹22,000 could yield returns as high as ₹30 lakh within a month. The ad redirected users to an online platform named “Savexa,” which was presented as a legitimate investment portal linked to foreign crude oil trading.
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Fraudsters allegedly exploited global geopolitical tensions, including the Iran–US conflict, to lure victims by claiming that the situation had created exceptional profit opportunities in international oil markets. The scheme was designed to appear credible through repeated communication and staged financial gains.
The victim was contacted by individuals posing as representatives of an investment firm. One of them, identifying himself as “Zain,” acted as a fund manager and maintained regular contact through video calls and emails. To build trust, the accused allegedly showed fake profits of around ₹4 lakh in the initial stage.
Encouraged by early returns, the victim proceeded to invest larger amounts through multiple RTGS and UPI transactions. Investigators said the fraudsters used several UK-based mobile numbers to maintain communication and continue pressuring the victim to increase investments.
Over time, the accused allegedly promised extremely high returns, including turning an investment of ₹2 crore into ₹10 crore. Relying on these assurances, the victim transferred funds in multiple instalments, ultimately losing around ₹1.5 crore.
The victim later realised the fraud when withdrawal attempts failed and communication from the accused became suspicious. A formal complaint was then filed with the Maharashtra cyber police and the national cybercrime helpline.
Police have launched an investigation into the case and are tracking the digital footprint, including bank accounts, mobile numbers, and transaction routes used in the scam. Officials believe the case may be part of a larger organised cyber investment fraud network operating through social media platforms and fake trading websites.
Authorities said such scams typically rely on social engineering techniques, where fraudsters first build trust by showing small artificial profits and then gradually escalate investment demands. Once large sums are transferred, the victims are either blocked or told to invest more to “unlock” their funds.
Investigators are now working to identify the masterminds behind the operation and trace the flow of money through multiple accounts. The case highlights the growing threat of online investment frauds that misuse public figures’ images and exploit geopolitical events to appear legitimate.
