A 71-year-old man from Thane has allegedly lost ₹25.88 lakh after cyber fraudsters lured him into a share trading scheme through WhatsApp groups and fraudulent mobile applications, police said.
The complainant, Navalchand Punamchand Jain, a resident of Thane’s Charai area, told police that he was cheated between August 21 and September 3. The fraudsters allegedly promised unusually high returns on stock market investments and gradually persuaded him to transfer money into bank accounts provided by them.
WhatsApp Groups Used to Lure Victim
According to the complaint, Jain was initially added to two WhatsApp groups named “207-Infinity shakti” and “D1588 Prime Lab”. Members of the groups allegedly encouraged him to participate in share trading and directed him to download two mobile applications presented as trading platforms.
Jain subsequently transferred a total of ₹25.88 lakh into bank accounts supplied by the fraudsters. The applications allegedly displayed investment activity and later showed a purported profit of ₹2.14 crore, creating the impression that his investments had generated substantial returns.
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₹40 Lakh Demand Before Withdrawal
When Jain attempted to withdraw the money shown on the applications, he was allegedly told that he would first have to purchase new shares worth ₹40 lakh.
Police said the demand raised his suspicions. When he refused to make the additional payment, the fraudsters allegedly removed him from the WhatsApp groups. Jain then realised that he had been cheated and that the profit displayed on the applications could not be withdrawn.
The case highlights how fraudulent investment platforms can use apparently high account balances and promised returns to encourage victims to keep transferring money.
Cyber Police Begin Investigation
After discovering the alleged fraud, Jain approached the Cyber Police Station of Thane City, Zone 1. A case was registered on Tuesday, according to officials.
Police have begun investigating the transactions and the people behind the WhatsApp groups and trading applications. The probe is also expected to examine the bank accounts into which Jain transferred the ₹25.88 lakh.
Officials said the investigation remains underway.
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