MUMBAI — A 57‑year‑old businessman from South Mumbai was defrauded of ₹4.21 crore over nearly two months by a cybercrime syndicate posing as SBI Caps Securities on a fabricated stock trading platform, the South Mumbai Cyber Police reported.
Instagram Ad Leads to WhatsApp Investment Trap
The scam began on May 16, when the victim clicked an Instagram ad boasting high returns on share trades. He was invited into a WhatsApp group named “SBICAP Securities VIP (G2)” by scammers impersonating SBI officials—including individuals named Saroj Gupta, Sumita Verma, and Richard Mendonca. Lured by promises of profits from IPOs and block trades, the businessman created an “institutional account” on a counterfeit trading portal. Between May 20 and July 8, he transferred ₹4.21 crore into multiple fraudulent accounts, believing his investments were growing.
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Fictitious Profits, Real Losses
False dashboards on the site showed his earnings ballooning to ₹52.88 crore, prompting the victim to request a withdrawal. The scammers then demanded a 15% “service management fee”, equivalent to over ₹7.9 crore. Sensing deceit, the businessman halted further transfers and contacted the South Cyber police along with the National Cyber Crime helpline (1930). By then, most of the funds had vanished into mule accounts.
Inspectors Nandkumar Gopale and Sachin Trimukhe are leading the investigation. “These scammers use sophisticated social engineering to manipulate investors through trusted brand impersonation,” police noted.
