A 59-year-old retiree from south Mumbai fell victim to an elaborate online share trading scam, losing nearly Rs 7 crore. The fraudsters induced him to invest through a fake website, where his portfolio showed a staggering profit of Rs 149 crore. Initially, he was able to withdraw Rs 20,000 from his virtual account, but subsequent withdrawal attempts failed.
How the Scam Unfolded
The complainant, a retired individual, came across an online advertisement from a bank offering share market investment tips in April. He clicked on a link and was added to a WhatsApp group where members shared tips on buying and selling shares. Convinced of their authenticity, he began investing and earned good profits initially.
Later, the accused introduced a new investment method and added him to another WhatsApp group. They guided him to their website, which changed its URL every few days. On the website, he could monitor his investments and watch his profits grow.
Fake Profits and Growing Trust
Group members claimed to be making substantial profits. Some, posing as company representatives, stayed in touch and suggested various investment plans, asking him to deposit money into different accounts. The complainant transferred Rs 6.8 crore across 48 transactions between April 11 and May 27.
His online portfolio showed immense profits, and a successful withdrawal of Rs 20,000 on May 7 deepened his trust. At one point, his investment and profit appeared to touch Rs 149 crore.
Realization and Police Complaint
When he tried to withdraw his profits, the accused demanded additional payments and then began avoiding him. Realizing he had been cheated, he approached the police. An FIR was filed on May 28 with the south region cyber police, charging 10 unidentified individuals with cheating, forgery under the Bharatiya Nyaya Sanhita, and identity theft under the Information Technology Act.
