Mumbai Cyber Fraud: 63-Year-Old Malad Businessman Duped Of ₹7.71 Crore In Fake Online Share Trading Scam; FIR Registered

Mumbai, Feb 12: A 63-year-old paints and coatings manufacturer from Malad (West) has allegedly been cheated of ₹7.71 crore in an online share trading investment scam after fraudsters lured him with promises of high returns through a fake trading platform.

The complainant, Paresh Narendra Kothari (63), a resident of Shree Vrind Adarsh Dughdalaya, Shaktinagar Lane, Marve Road, Malad West, has been residing at the address for the past 20 years and operates a paints and coatings manufacturing business.

Fraudsters posed as trading firm representatives

According to the complaint, Kothari received a WhatsApp message on November 12, 2025, from an unknown number, wherein a woman identifying herself as “Naina” claimed to be a representative of Fyers Securities Ltd. She offered him lucrative profits through share trading on the company’s platform.

The accused then sent him a link — http://h5.fyerspma.com/ — and asked him to download an application and register by submitting personal details, including Aadhaar, address and mobile number. Soon after, he was added to a WhatsApp customer support group and informed that an “institutional trading account” had been opened for him.

Two individuals, identified as Naina and Gopal, regularly provided trading tips and instructed him to deposit money into various bank accounts shared by the so-called customer support team. After transferring funds, the amounts appeared credited in the app under the “deposit” tab, giving the impression of legitimate trading activity.

Small returns built confidence

Initially, small returns were credited to his bank account, including ₹49,000 and two transactions of ₹1,000, which boosted his confidence and prompted him to invest more. Between November 12, 2025 and January 29, 2026, the complainant transferred funds from his three bank accounts and one account belonging to a friend into multiple accounts provided by the fraudsters. In total, he invested approximately ₹7.71 crore.

The app later showed his investment growing to a supposed profit of nearly ₹38 crore. However, when he placed a ₹50 lakh withdrawal request on January 24, 2026, the accused demanded additional payments, citing bank charges.

The fraudsters allegedly asked him to pay another ₹50 lakh as processing fees and later reduced the demand to ₹25 lakh, while also claiming that ₹10 lakh would have to be paid to a bank manager after withdrawal. They further threatened to impose daily retention charges of 1.8 per cent if payment was not made.

Complaint lodged with cyber police

Growing suspicious, Kothari refused to make further payments and stopped communication. Despite waiting for several days, no funds were credited to his account, confirming the fraud.

He subsequently lodged a complaint with the cyber helpline 1930 on February 4, 2026, and received an acknowledgment number. A formal complaint was later registered with the North Region Cyber Police Station, which has now initiated a criminal case.

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Police said the accused used multiple WhatsApp numbers and fake bank accounts to operate the scam and created a fraudulent trading application to deceive victims by showing fabricated profits.

Investigators are examining the financial trail and digital evidence, including chat records and screenshots provided by the complainant, and are working to identify the suspects involved. Further probe is underway.

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