71-year-old Vashi resident loses ₹1.6 Cr to online investment fraud

A 71-year-old Vashi resident lost ₹1.6 crore in just 21 days after falling prey to an online investment racket operating through WhatsApp groups and fake trading applications

NAVI MUMBAI: A 71-year-old Vashi resident lost ₹1.6 crore in just 21 days after falling prey to an online investment racket operating through WhatsApp groups and fake trading applications.

71-year-old Vashi resident loses ₹1.6 Cr to online investment fraud

According to the complaint, the senior citizen, who runs a transport business, was added without his knowledge to a WhatsApp group on November 1 at around 10pm. The group appeared to have members actively engaged in stock trading and claiming large profits.

“A woman in the group acted as an investment guide, posting updates on stock trades and IPOs. Her messages, along with the apparent profits displayed by others, convinced the victim that the platform was genuine,” a police officer said.

On November 4, the man was added to a second group, where he received a link to a trading app. “The app showed real-time charts and profits, mimicking authentic trading platforms. Another group member frequently shared bank account details for making investments, prompting the complainant to participate,” the police officer added.

Between November 6 and November 27, the victim made 12 bank transfers totalling over ₹1,6 crore into multiple accounts, with the largest single transfer being ₹40 lakh. Throughout this period, the fake trading app displayed rising profits, falsely showing his portfolio value at ₹4.29 crore.

On November 28, when he attempted to withdraw the money, his request was rejected. The woman allegedly told him that withdrawal was possible only after purchasing another IPO and warned that his account would be frozen otherwise.

As the scammers continued giving excuses and pressuring him for more money, the victim realised he had been cheated, and filed a complaint on the National Cyber Crime Reporting Portal (NCCRP).

The Navi Mumbai cyber police registered an FIR on Thursday against unidentified suspects under relevant sections of the Bharatiya Nyaya Sanhita for cheating and criminal conspiracy, along with provisions of the Information Technology Act.