Mumbai Cyber Fraud: 37-Year-Old Dharavi Man Duped In Crypto Trading Scam, Loses Lakhs Via Fake Investment Platform; Case Registered

Mumbai, March 19: A 37-year-old private employee from Dharavi has fallen victim to a cyber fraud, after being lured into a fake cryptocurrency trading scheme through social media and WhatsApp groups.

Contact initiated through social media

According to the FIR, the victim, who works at a clearing and forwarding firm, was first approached indirectly in 2024 by an acquaintance regarding an online business opportunity.

He did not respond at the time. However, on February 7, 2026, while searching on Facebook, he came across a profile named “Shreya Mishra,” who claimed to know his acquaintance and initiated a conversation.

During the interaction, the accused persuaded him to invest in trading and asked him to download the Binance app from the Play Store and create a virtual account. She later introduced him to another person, “Abhinav Mishra,” who claimed to guide him further and informed him that a 30% commission would be charged on profits.

Initial investment and fake profits

On February 20, the victim transferred Rs 30,000 to a bank account provided by the accused. He was then directed to a suspicious trading website and began trading. Initially, his virtual account showed profits, which built his confidence.

The following day, he was added to a WhatsApp group named “Strive for Life 2761,” where multiple members were given trading tips and timings by the accused. Based on these instructions, the victim continued investing larger amounts into different bank accounts between February 20 and March 11, 2026.

Withdrawal blocked, fraud exposed

The fraudsters consistently showed profits in his virtual account and collected commissions on the supposed gains. However, when the victim attempted to withdraw his funds, he was told that his account balance had grown significantly and that he needed to pay Rs 12 lakh as a withdrawal fee.

Unable to pay such a large amount, he requested a refund, but the accused avoided returning his money using various excuses. It was then that he realised he had been cheated under the guise of trading.

Case registered, probe underway

The victim subsequently lodged a complaint with the cybercrime helpline (1930), receiving acknowledgement number 31903260053847. He has also submitted WhatsApp chat screenshots and other evidence to the police.

Based on his complaint, a case has been registered against unknown persons at the Central Region Cyber Police Station. Police are investigating the roles of the accused, including the individuals posing as “Shreya Mishra” and “Abhinav Mishra,” as well as the beneficiaries of the bank accounts used in the fraud.

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Authorities have once again warned citizens to exercise caution while investing through unknown platforms and to avoid trusting unsolicited financial advice on social media.

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