Navi Mumbai: A 73-year-old retired General Manager of the Small Industries Development Bank of India (SIDBI) has allegedly lost ₹65.19 lakh in an online share trading scam in Maharashtra’s Navi Mumbai. Cyber fraudsters first added the victim to a WhatsApp investment group, posed as authorised investment advisors, and lured him with promises of exceptionally high returns. To gain credibility, they shared forged SEBI registration certificates and persuaded him to install a fake trading application. The app displayed huge fictitious profits, encouraging the victim to continue investing. When he attempted to withdraw the money, the fraudsters demanded an additional ₹27 lakh, exposing the scam. The victim subsequently filed a complaint on the National Cyber Crime Reporting Portal.
According to police, the Kharghar resident was added to the WhatsApp group on June 23. The group’s name and logo were designed to resemble those of a legitimate investment platform. The administrators claimed they could generate exceptionally high returns through stock market trading. Regular investment tips, fabricated profit screenshots, and fake testimonials from supposed investors were circulated to strengthen the victim’s confidence.
After gaining his trust, the accused sent him a link to download a specialised trading application. They also shared forged SEBI registration certificates and other fabricated documents to convince him that the platform was genuine and operated by an authorised investment entity.
Between June 30 and July 22, the victim transferred ₹65.19 lakh in multiple transactions to different bank accounts provided by the fraudsters. After every transfer, the fake application reflected rapidly increasing profits. Within a few weeks, it showed a fictitious account balance of nearly ₹12.4 crore, leading the victim to believe that his investments had generated extraordinary returns.
However, when he tried to withdraw the displayed amount, the fraudsters introduced a new condition, insisting that he first deposit another ₹27 lakh as a processing or clearance charge. They further threatened that his trading account and investments would be frozen if he failed to make the payment. The demand raised suspicion, and after verifying the details independently, the victim realised that the entire trading platform and investment operation were fraudulent.
The victim then lodged a complaint through the National Cyber Crime Reporting Portal. Acting on the complaint, the Navi Mumbai Cyber Police registered a case on July 24 against unidentified persons under Section 318(4) (cheating), Section 319(2) (cheating by personation), Section 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with relevant provisions of the Information Technology Act. Investigators are tracing the bank accounts, mobile numbers, WhatsApp group, and digital financial trail to identify and arrest those involved in the fraud.
According to renowned cyber crime expert and former IPS officer Prof. Triveni Singh, cyber criminals are increasingly using WhatsApp and Telegram investment groups to target unsuspecting investors. They rely on forged regulatory certificates, fake licences, and fraudulent trading applications to establish credibility and manipulate victims into making repeated investments. He advised investors to verify the authenticity of every investment platform through the official website of the relevant regulator before transferring any money. He also cautioned against downloading applications from unknown links, trusting unrealistically high returns displayed on trading apps, or paying additional charges for withdrawals. In case of suspected cyber fraud, victims should immediately report the incident through the National Cyber Crime Helpline 1930 or the National Cyber Crime Reporting Portal, as prompt reporting significantly improves the chances of freezing fraudulent transactions and recovering the lost funds.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
