Navi Mumbai, Maharashtra: In yet another case of online financial fraud, a 65-year-old retired Navy officer from Kharghar, Navi Mumbai, was cheated out of Rs 2.47 crore by cybercriminals who lured him into a bogus stock market investment scheme via a WhatsApp group.
According to a cyber police FIR filed on Wednesday, the victim was unknowingly added to a WhatsApp group named “ABANS PRO” on December 25, 2024. The group claimed to offer high-return stock investments and persistently sent promotional messages. The administrators posed as stock market experts and built trust over several weeks.
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By February 3, 2025, the officer expressed interest in investing. He was then directed by so-called “customer service” personnel to transfer money to various bank accounts. In total, he invested ₹2.47 crore, a sum that included his personal savings, funds borrowed from friends and family, and bank loans. The scam was masked behind a professional-looking trading app that showed a soaring account balance. At one point, the officer’s app reflected Rs 39.43 crore in returns. However, the fraud began to unravel when he tried to withdraw Rs 3 crore on March 28, 2025. Instead of processing the withdrawal, he was asked to pay a 1% service charge upfront—approximately Rs 3 lakh.
Already out of funds, the retired officer requested that the service fee be deducted from his account balance. His request was denied, which raised suspicions and prompted further investigation on his part. He searched online for the company’s physical office and visited the address listed—only to discover that no such firm existed. Locals informed him that multiple complaints had already been filed against the same operation. Realizing he had been scammed, he reported the matter to the cyber police. A case was registered under multiple provisions, including:
Section 66D of the Information Technology Act, 2000 (cheating by personation using computer resource),
Section 3(5) (joint criminal liability),
Section 318(4) (cheating),
Section 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita (BNS).
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A police official said, “We are tracking digital footprints and account transactions. This is a well-organized scam, and more victims may come forward.”
Advisory to Citizens:
Cyber experts urge the public to remain cautious while engaging in online investment schemes. Avoid clicking on links from unknown sources, double-check company credentials, and never share personal or financial information via WhatsApp or social media platforms. Victims of cyber fraud should immediately call the 1930 helpline or approach their nearest cyber police station.
