75-year-old Navi Mumbai trader duped of ₹1.08 crore in stock market fraud via Facebook ad

A 75-year-old trader from Navi Mumbai has lost ₹1.08 crore in an elaborate online investment scam that promised high returns.

Published on: Feb 1, 2026, 10:35:36 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

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.

Lured by a Facebook ad, he was manipulated into transferring money to fake trading platforms. (Representational Image/Pexels)

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.

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 | 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)

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

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.