A 75-year-old trader from Navi Mumbai has reportedly lost ₹1.08 crore in an online investment scam after fraudsters lured him with the promise of unusually high returns in the stock market, police said on Sunday.
The man, who lives in the Vashi area, came across a sponsored advertisement on Facebook last month that claimed investors could earn big profits through share trading, reported news agency PTI. After clicking on the link, he was added to a WhatsApp group where he was guided to open a trading account on websites that later turned out to be fake.
ALSO READ | Haryana: Recruitment scam case: Court discharges Bhiwani varsity exam controller
According to cyber police officials, the scammers persuaded the victim to transfer money into multiple bank accounts over a period of one month. Between December 5, 2025, and January 6 this year, he transferred a total of ₹1.08 crore through 18 separate transactions, the report stated.
To make the scheme appear genuine, the fraudsters showed him inflated figures on the trading platform, indicating that his investment had grown to more than ₹4 crore. Trusting the displayed profits, the victim continued to follow their instructions.
{{/usCountry}}To make the scheme appear genuine, the fraudsters showed him inflated figures on the trading platform, indicating that his investment had grown to more than ₹4 crore. Trusting the displayed profits, the victim continued to follow their instructions.
{{/usCountry}}ALSO READ | MUDA scam: Bengaluru special court accepts Lokayukta's 'B' clean chit report to CM Siddaramaiah
Trouble began when he tried to withdraw the money. The scammers allegedly demanded additional payments, claiming they were required for taxes and initial public offering (IPO) subscription charges. Realising something was wrong, the businessman stopped further payments.
ALSO READ | ₹4 crore in stock market scam, probe on">Faridabad man duped of ₹4 crore in stock market scam, probe on
He later lodged a complaint through the National Cyber Crime Reporting Portal. Based on the complaint, the Navi Mumbai Cyber Police registered a case on January 29 against two unknown individuals. The FIR has been filed under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act for cheating and online fraud.
(With inputs from PTI)
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.