A 71-year-old Vashi resident lost ₹1.6 crore in 21 days due to an internet investment scam using WhatsApp groups and fraudulent trading apps.
Key Highlights
- A 71-year-old Vashi resident lost ₹1.6 crore in just 21 days to an online investment racket.
- He was added to WhatsApp groups, shown fake trading apps and promised profits before being barred withdrawal.
According to the lawsuit, the older gentleman, who owns a transportation company, was added to a WhatsApp group without his knowledge on November 1 at approximately 10 p.m. The club looked to include members who were actively trading stocks and claiming significant returns.
"A lady in the group served as an investment guide, posting updates on stock moves and IPOs. Her messages, together with the apparent earnings demonstrated by others, persuaded the victim that the platform was legitimate," a police officer explained.
On November 4, the man was added to a second group and given a link to a trading application. "The software displayed real-time charts and earnings, resembling actual trading platforms. Another group member routinely supplied bank account information for making investments, which prompted the complainant to participate," the police officer explained.
Between November 6 and November 27, the victim made 12 bank transfers totaling over ₹1.6 crore into multiple accounts. The greatest single deposit was ₹40 lakh. Throughout this period, the fraudulent trading app projected increased earnings, erroneously portraying his portfolio value as ₹4.29 crore.
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On November 28, he sought to withdraw the money, but his request was denied. The woman allegedly informed him that withdrawals were only permitted after acquiring another IPO, and that his account would be frozen otherwise.
As the scammers continued to make excuses and pressure him for more money, the victim realized he had been duped and filed a report with the National Cyber Crime Reporting Portal (NCCRP).
The Navi Mumbai cyber police filed a FIR on Thursday against unidentified suspects under relevant parts of the Bharatiya Nyaya Sanhita for cheating and criminal conspiracy, as well as provisions of the Information Technology Act.
