Cybersecurity – Investor Duped of Over Rs 2.2 Crore Through Fake Trading Platform
Cybersecurity – Online investment fraud awareness and cybercrime prevention measures matter more than ever – A Mumbai homemaker has allegedly been cheated out of more than Rs 2.2 crore after becoming the target of an elaborate online investment scam that promised extraordinary returns through a bogus stock trading and IPO investment platform. Authorities have launched an investigation after the woman reported the incident to cybercrime officials, claiming she transferred large sums of money over several weeks based on assurances of substantial profits.
WhatsApp Group Used to Build Credibility
According to investigators, the fraud began in early March when the 60-year-old resident of Matunga was added to a WhatsApp group that appeared to discuss stock market trends, trading techniques and investment opportunities. The group seemed legitimate and regularly featured conversations related to financial markets.
Police said an individual claiming to represent an investment company later contacted the woman and encouraged her to invest through a trading platform allegedly operated by the firm. Through carefully crafted discussions and promises of attractive returns, the suspects reportedly gained her confidence and convinced her that the investment opportunity was genuine.
Small Initial Investment Created Trust
Officials stated that the woman was first asked to invest Rs 50,000. She was also instructed to download a mobile application that supposedly allowed investors to monitor their trading activities. After installing the application, she was provided with a trading account that displayed positive returns.
The platform reportedly showed increasing profits on her investment, giving the impression that the trades were successful. Encouraged by what appeared to be consistent gains, she gradually invested larger amounts over the following weeks. Investigators believe the figures shown on the application were manipulated to create a false sense of profitability.
Fabricated Earnings Encouraged Larger Transfers
As the scheme progressed, the suspects allegedly persuaded the woman that investing more money would generate even greater returns. Trusting the information displayed on the application, she reportedly opened another trading account in her son’s name.
The complaint states that the application eventually showed holdings worth nearly Rs 11 crore in her account. The account opened in her son’s name allegedly reflected assets and profits approaching Rs 10 crore. Investigators suspect these figures were entirely fabricated and designed to encourage additional investments.
Withdrawal Request Exposed the Fraud
Problems reportedly emerged when the woman attempted to withdraw her funds. She was allegedly informed that the withdrawal process would require approximately three months. Soon afterward, the suspects offered an alternative option, claiming that faster access to the money would be possible through a special VIP membership.
To activate the membership, they allegedly demanded an additional payment of Rs 15 lakh. The unusual request raised concerns, prompting the woman to seek assistance. After contacting the national cybercrime helpline, she realized that the platform was likely fraudulent and that her money could not be recovered through normal withdrawal requests.
Police Register Cyber Fraud Case
Following the complaint lodged on May 27, the Central Region Cyber Police registered a case against unidentified individuals. The FIR includes provisions related to cyber fraud, cheating and impersonation under the Information Technology Act and the Bharatiya Nyaya Sanhita (BNS).
Investigators are currently examining digital records connected to the case, including transaction details, application links and WhatsApp communications. Officials said efforts are underway to identify those involved in the operation and trace the movement of the funds allegedly obtained through the fraudulent investment scheme.