A 51-year-old logistics professional from New Panvel was allegedly cheated of ₹1.09 crore by cyber fraudsters who lured him into a fake stock investment scheme through a WhatsApp group and a fraudulent trading application that displayed fictitious profits.
The victim approached the Navi Mumbai Cyber Police after discovering that the platform on which he had invested more than ₹1 crore was part of what investigators described as an elaborate online fraud. According to the First Information Report (FIR), the alleged scam took place between March 26 and June 3.
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WhatsApp Group Used to Gain Trust
Police said the complainant was added to a WhatsApp group named “IIFL Invesco VII 2026 10x Growth Strategy Y113”. The group was allegedly operated by individuals claiming to be investment experts and representatives of a reputed financial institution.
Investigators identified the accused as persons who introduced themselves as R Venkat Raman and Tina Malhotra. According to police, they regularly shared stock recommendations and investment strategies while assuring group members of unusually high returns.
An investigating officer said the accused allegedly circulated a fake SEBI registration certificate in the name of IIFL Capital to establish credibility and project themselves as authorised financial advisors.
Fraudulent App Showed Fictitious Profits
Police said the accused gradually gained the complainant’s confidence and persuaded him to transfer money into multiple bank accounts for purported stock market investments.
The victim was instructed to monitor his investments through an application called IFLVIP. According to investigators, the application displayed steady growth and substantial profits, creating the impression that the investments were genuine.
Officials said the platform showed impressive returns and a rising portfolio value, which allegedly encouraged the complainant to continue investing larger amounts over a period of more than two months.
Withdrawal Attempt Exposed Alleged Scam
Police said the complainant eventually transferred ₹1.09 crore to accounts provided by the accused. The alleged fraud came to light when he attempted to withdraw his money and was unable to do so.
Following the complaint, the Navi Mumbai Cyber Police began investigating the case. The inquiry is focused on the alleged use of a WhatsApp-based investment network, forged credentials and a trading application that investigators believe was used to mislead investors through fabricated profit figures.
