In yet another alarming case of online investment fraud, a 49-year-old project manager from Prabhadevi in Mumbai has been cheated of ₹1.23 crore through a fake share trading scheme. The fraudsters used WhatsApp groups, a bogus mobile application, and forged documents to create an illusion of legitimacy, keeping the victim unaware of the scam for weeks.
How the Scam Began on WhatsApp
According to the complaint, the victim was added to a WhatsApp group named “W1001-ACME Wealth Private Limited Group” on December 29, 2025, by an unknown number. The group frequently discussed “pairs trading” and lucrative stock market opportunities. Within days, on January 9, 2026, he was added to another group called “ACME Wealth-VIPW72,” where a woman identifying herself as Priyanka Chikhlkar began guiding him on trading strategies.
Building Trust with Fake App and Profits
To gain his confidence, the fraudsters sent him a link on January 12 to download a mobile application named “ACME Wealth Private Limited Group.” After registering using an invite code, a trading account was created in his name. He initially invested ₹1 lakh, which was instantly reflected in the app, along with a 10% profit shown on the same day. This apparent gain marked the beginning of deeper financial involvement.
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Gradually, the victim was persuaded to invest larger sums. Between January and February, he transferred significant amounts through online banking and RTGS to multiple bank accounts provided by the accused. Each time, the app displayed increasing profits, reinforcing his belief that his investments were performing exceptionally well.
To further establish credibility, the fraudsters shared a purported certificate bearing the seal of the Securities and Exchange Board of India (SEBI). The document appeared authentic and convinced the victim that he was dealing with a legitimate and authorized trading platform.
The Moment the Fraud Unraveled
The scam unraveled on February 23, 2026, when the victim attempted to withdraw ₹9.03 crore shown in his trading account. The fraudsters demanded a 5% “tax” payment to process the withdrawal. When the victim requested that the amount be deducted from his profits, they refused and insisted on an upfront payment.
This raised suspicion, prompting him to verify the details. It was then discovered that both the company and the SEBI certificate were fake. The entire platform had been designed to display fabricated figures and lure investors into depositing more money.
The victim reported the fraud to the cyber helpline 1930 on March 10, following which a case was registered against unidentified persons. Preliminary findings suggest that the accused used multiple phone numbers and bank accounts, making it difficult to trace the flow of funds.
Investigators are now working to identify the beneficiary accounts and determine whether the operation is part of a domestic network or linked to an international cyber fraud syndicate.
Expert Warning on Rising Investment Scams
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said, “In such cases, fraudsters rely heavily on social engineering. They first build trust by showing small profits, then push victims into making larger investments. Fake apps and forged documents make the scam appear highly convincing.”
The case once again highlights how rapidly growing online investment scams are targeting not just ordinary individuals but also professionals. Experts warn that investors must verify the authenticity of any platform before investing, as a single click on an unknown link or app can result in massive financial loss.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
