A major case of cyber fraud has been reported in Mumbai, where a Tata Consultancy Services (TCS) employee was allegedly duped of ₹87 lakh by a gang that promised extraordinary stock market returns.
The East Cyber Police Station has registered a case against eight unidentified persons under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act.
How the Scam Began
According to police officials, the 42-year-old complainant, a resident of Chembur, lives with his parents and brother and has been employed with TCS since 2006.
Recently, he was added to a WhatsApp group with 104 members, where participants regularly shared screenshots of high profits from stock trading along with messages claiming daily gains.
Within days, the group administrator contacted him privately, claiming access to “insider market insights” that could help him earn up to 40–50% profit within weeks.
The victim was instructed to transfer funds into multiple bank accounts, purportedly to “maintain tax buffers and transaction security.”
Lost ₹86.85 Lakh in a Month
The complainant initially began with a small investment. He was shown fake profits on a fraudulent trading portal, giving him confidence that the platform was legitimate.
Gradually, he invested his entire savings — ₹86.85 lakh — through RTGS transfers to several bank accounts provided by the scammers.
The fraudsters periodically sent fake transaction receipts and profit statements, maintaining an illusion of credibility. However, when the victim attempted to withdraw his returns, the trading platform vanished, and all contact numbers were blocked.
Police Probe Uncovers ‘Mule Accounts’
When the victim approached the police, preliminary investigation revealed that the money had been routed through a network of “mule accounts” — bank accounts operated by proxy individuals hired or misled by the fraudsters.
The Cyber Police are now examining KYC documents, IP addresses, and UPI trails associated with these accounts.
Officials suspect that the racket could be linked to an interstate and Southeast Asia-based syndicate, similar to those involved in earlier “investment trap” operations targeting professionals in metro cities.
Psychological Manipulation: The Anatomy of an Investment Trap
Experts say the case follows a classic social engineering pattern. Fraudsters exploit psychological triggers such as greed, urgency, and social validation.
They first display fake profits from planted “investors” within the group to build trust. Once potential victims are convinced, they are urged to invest larger sums with the promise of “life-changing returns.”
Such groups often use fabricated trading dashboards and AI-generated profit screenshots to simulate authenticity. Victims are made to believe that they are part of an exclusive trading community.
Police Advisory: Verify Before You Invest
Mumbai Police have urged citizens to remain vigilant against online investment offers.
Officials stated, “No legitimate financial institution or brokerage will ever ask investors to transfer funds into personal bank accounts. That’s the first red flag.”
The police have advised the public to invest only through RBI-approved apps and SEBI-registered brokers, and to verify the authenticity of any investment platform before transferring funds.
Rising Trend of ‘Investment Fraud’ in India
According to National Crime Records Bureau (NCRB) data, online investment and trading scams have surged by over 70% in the past two years.
Maharashtra, Karnataka, and Delhi have emerged as key hotspots, with the majority of cases targeting educated professionals through social media and messaging platforms.
Officials say the post-pandemic boom in digital trading and the pursuit of quick profits have created fertile ground for cybercriminals.
Lesson Learned: The Cost of Easy Money
This case serves as a stark reminder of how greed and misplaced trust can ruin even financially literate individuals.
The Mumbai Cyber Police are now focusing on tracing the funds, freezing bank accounts, and identifying members of the interstate network behind the fraud.
Investigators caution that unless public awareness improves, such “high-return scams” will continue to evolve — preying on ambition, trust, and the digital world’s growing dependency.
