Mulund-based CA loses ₹97 lakh to online share trading fraud

In October 2024, encouraged by the seemingly credible activity, the victim expressed interest in investing. Mehta instructed him to download a trading application named ‘R Gara’ from the Play Store. Trusting the process, he registered on the app by submitting personal details and documents, and subsequently shared his bank information

MUMBAI: A 59-year-old chartered accountant from Mulund has fallen victim to a sophisticated cyber fraud, losing ₹97 lakh in a fake stock trading scheme that played out over several months.

Mulund-based CA loses ₹97 lakh to online share trading fraud

According to the police, the victim was initially contacted via WhatsApp by an unknown number. He was added to a group called “Practice Proves Truth, R Gara,” where around 85 members shared screenshots and testimonials claiming substantial profits from stock trading. One of the key individuals in the group, identified as Ishani Mehta, began sending personalised investment tips and trading advice directly to the victim.

In October 2024, encouraged by the seemingly credible activity, the victim expressed interest in investing. Mehta instructed him to download a trading application named ‘R Gara’ from the Play Store. Trusting the process, he registered on the app by submitting personal details and documents, and subsequently shared his bank information.

Over the next few months, he was shown large virtual profits on the app. Believing the trades to be genuine, he made nine separate transfers totalling ₹97 lakh into various bank accounts provided by Mehta, allegedly to purchase shares and invest in IPOs.

However, after he informed Mehta that he had exhausted his savings and could not invest further, she became unresponsive. Suspicion arose when he attempted to withdraw his earnings but found that the app was non-functional. Further inquiries revealed the trading platform was entirely fraudulent.

Following this discovery, the victim contacted the cybercrime helpline (1930) and later filed a formal complaint. The East Cyber Police recorded his statement in February and officially registered a case on April 22 under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act against unidentified cyber fraudsters.