Thane. A 59-year-old woman from Thane city in Maharashtra was allegedly duped of ₹1.1 crore by cyber fraudsters who lured her with promises of huge profits from share trading. The fraudsters allegedly persuaded her to invest through a fake trading app and made her transfer money to multiple bank accounts. The woman transferred a total of ₹1.1 crore in several instalments between August 4 and September 10. When she attempted to withdraw her money, the app allegedly displayed profits of ₹13.67 crore and demanded additional payments before allowing the withdrawal.
According to police, the woman lives in the Ghodbunder Road area of Thane. In her complaint, she alleged that cyber fraudsters approached her with promises of attractive returns from the stock market. They subsequently sent her a link and allegedly persuaded her to download a trading application. The app displayed information about her investments and the money supposedly held in her account, leading her to believe that her funds were being invested in share trading and generating substantial profits.
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According to the complaint, the woman followed the instructions given by the fraudsters and made multiple transfers to different bank accounts. Between August 4 and September 10, the total amount transferred reached ₹1.1 crore. During the initial stages, the application allegedly showed her investment and purported profits increasing continuously. This reportedly strengthened her belief that she was earning significant returns and led her to continue making payments.
The alleged fraud came to light when the woman attempted to withdraw the amount displayed on the application. When she initiated the withdrawal process, the app allegedly showed that her account had generated profits of ₹13.67 crore. She was then asked to deposit additional money. The payments were allegedly demanded in the name of taxes, fees or other requirements linked to the withdrawal process. The repeated demand for additional money raised suspicion and led the woman to realize that she may have been cheated.
The woman subsequently approached the Thane Cyber Police and filed a complaint. Police registered a case under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. Officials said an investigation is underway and that efforts are being made to identify the bank account holders who received the money as well as the people operating the fake trading application.
A key part of the investigation is tracing the bank accounts into which the woman allegedly transferred the money. Police are examining who owns the accounts, where the funds were transferred afterward and how many people may have been involved in the alleged operation. Investigators are also examining the functioning of the fake trading application, the people who developed or operated it and the network that allegedly contacted the victim.
In cybercrime cases, fake investment applications are increasingly used to create the appearance of a genuine trading platform. Such applications can display rapidly increasing investment values and profits even when the victim’s money has actually been transferred to accounts controlled by fraudsters. When victims attempt to withdraw their funds, they may then be asked to make additional payments on various pretexts. The Thane case appears to follow a similar alleged investment-fraud pattern.
Police are examining transaction records and other digital evidence to trace the bank account holders and operators of the application. No arrests have been reported in the case so far. The investigation is expected to establish how many people were allegedly involved and through which accounts the ₹1.1 crore transferred by the woman was subsequently moved.
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.
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