Mumbai: A 59-year-old retired Tardeo resident was allegedly cheated of ₹6.80 crore by cyber fraudsters who lured him into an online stock investment scheme using the name of a London-based financial institution. The South Cyber police said the complainant transferred money to various bank accounts in 48 transactions between April 11 and May 27.
Social Media Ad Led to WhatsApp Group
According to the report, the complainant first saw an advertisement on social media and joined a WhatsApp group created by the scammers. Members of the group allegedly shared investment “tips” and claimed that investing through them would give him access to institutional trade benefits, after-market opportunities and pre-launch IPO benefits.
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The complainant was reportedly impressed when he saw the name of a London-based financial institution being used in the scammers’ promotional material.
Fake Profits Shown to Build Trust
A police officer said the complainant was initially allowed to withdraw ₹20,000. Later, his virtual account allegedly showed profits rising to ₹149 crore after he invested less than ₹7 crore.
However, when he tried to withdraw the money shown as accumulated in his virtual account, the scammers allegedly asked him to invest more. The complainant grew suspicious after they began avoiding him.
₹6.80 Crore Sent in 48 Transactions
The South Cyber police said the complainant was cheated between April 11 and May 27. During this period, he transferred money to different bank accounts provided by the accused.
Police said the total amount transferred in 48 transactions was ₹6.80 crore. The case highlights the growing use of social media advertisements and messaging groups to lure investors with promises of high returns and access to exclusive market opportunities.
