Mumbai: An 83-year-old retired resident of Dadar, Mumbai, lost ₹1.2 crore to a sophisticated online trading scam after being lured by fraudsters posing as representatives of a reputed private financial institution. The senior citizen was targeted on May 2 after clicking on an online advertisement that directed him to a WhatsApp group offering stock market tips. The group, filled with fake investors and scammers, convinced him of potential profits up to ₹15.4 crore.
A woman claiming to be a financial advisor guided him to a fake stock trading portal, complete with forged SEBI credentials. Through multiple interactions, including one with a fake customer support executive, the victim was persuaded to make high-value investments, including ₹60 lakh in bogus company shares.
The scam escalated when the victim was promised a ₹20 lakh loan and shown fake profits on the portal. However, when he attempted to withdraw his returns, the fraudsters demanded a 10% fee and eventually blocked him. Realizing he had been duped, he filed a complaint through the 1930 national cybercrime helpline.
The Cyber Police’s Central Division has launched an investigation, tracking IP addresses, digital transactions, and bank trails. Authorities suspect a larger fraud syndicate operating via shell companies and mule accounts targeting elderly and high net-worth individuals.
