NAVI MUMBAI: A 71-year-old man from Vashi has fallen victim to an online investment scam, losing ₹1.6 crore in just 21 days. The fraud, which operated through WhatsApp groups and fake trading apps, tricked the senior citizen into making multiple large transfers.
The victim, who runs a transport business, was unknowingly added to a WhatsApp group on November 1 around 10 pm. The group seemed to have members engaged in stock trading, with many claiming large profits.
A woman in the group posed as an investment guide, regularly posting updates on stock trades and IPOs. Her messages, along with the supposed profits displayed by other members, convinced the victim that the platform was legitimate, a police officer said.
On November 4, the man was added to a second group, where he was provided a link to a trading app. The app appeared to show real-time charts and profits, closely mimicking genuine trading platforms. Another group member frequently shared bank account details for making investments, which prompted the victim to participate.
Between November 6 and November 27, the man transferred a total of ₹1.6 crore into multiple accounts, with the largest single transaction being ₹40 lakh. Throughout this period, the fake trading app displayed rising profits, falsely showing his portfolio value at ₹4.29 crore.
However, when the victim attempted to withdraw his funds on November 28, his request was denied. The woman allegedly told him that withdrawals were only possible after purchasing another IPO and warned that his account would be frozen otherwise.
As the scammers continued to offer excuses and press him for more money, the victim realized he had been scammed and filed a complaint on the National Cyber Crime Reporting Portal (NCCRP).
The Navi Mumbai cyber police registered an FIR on Thursday against unidentified individuals, charging them under relevant sections of the Indian Penal Code for cheating and criminal conspiracy, as well as provisions of the Information Technology Act.
