MUMBAI: A 69-year-old retired scientist lost ₹2.08 crore on a fraudulent trading service platform assuring high returns on investment in share markets, according to South Cyber police. On Wednesday, the case was registered with South Cyber police and an investigation is underway.
The police said that the victim wished to invest money and was on a lookout for various investment options. “In December 2024, he received a link from a well known stock trading platform to download their mobile application. Later, he was asked to open a trading account through the app and invest in share markets,” said a police officer from South Cyber police station. He further added that the victim made 27 transactions between December 2024 and February 2025 amounting to ₹2.08 crore from 12 bank accounts.
“In February, on making immense profits, the victim was asked for a 5% commission and TDS cut in order to withdraw the amount. He was then informed that the amount was seized by the Securities and Exchange Board of India (SEBI). An additional transaction of ₹3.5 crore was asked for getting his money,” the police officer added.
The victim got suspicious when he did not receive any notices from SEBI. On inquiring, he found out that he had made all the investments on a fraudulent platform. The South Cyber police have registered a case under sections 319 (cheating by personation), 318 (cheating), 336 (forgery), 340 (using forged document or electronic record as genuine) and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita, 2023 and relevant sections of the Information Technology Act. The police have started an investigation to ascertain identities of the frauds involved in the cheating through the information provided by the complainant.
{{/usCountry}}The victim got suspicious when he did not receive any notices from SEBI. On inquiring, he found out that he had made all the investments on a fraudulent platform. The South Cyber police have registered a case under sections 319 (cheating by personation), 318 (cheating), 336 (forgery), 340 (using forged document or electronic record as genuine) and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita, 2023 and relevant sections of the Information Technology Act. The police have started an investigation to ascertain identities of the frauds involved in the cheating through the information provided by the complainant.
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