Mumbai Cyber Fraud: Retired L&T Executive And Advocate Duped Of ₹9.94 Crore In Massive Online Trading Scam; Case Registered

Mumbai: In a shocking case of cyber fraud, a 65-year-old retired professional and Advocate from Mumbai was cheated of nearly ₹9.94 crore by a group of fraudsters posing as officials of Anand Rathi Shares & Stock Brokers Ltd. The East Region Cyber Police have registered an FIR against ten unidentified individuals after the victim, Ghanshyam Machhindra Mhatre, lodged a detailed complaint.

Retired L&T Official Targeted Through Fake Trading App

According to the FIR, Mhatre, a former Head of Admin and Industrial Relations at Larsen & Toubro, now works as a legal consultant. In June 2025, while at his residence in Mulund (West), he received a WhatsApp message from a woman identifying herself as Suman Gupta, “Admin Anand Rathi Shares & Stock Brokers Ltd.”

She introduced him to a lucrative investment opportunity through an app called AR Trade Mobi, claiming it was an official trading platform of Anand Rathi.

Fraudsters Create Fake WhatsApp Investment Group

Mhatre was persuaded to install the app via a link sent to him and to complete KYC by submitting his PAN and personal details. He was then added to a WhatsApp group named “Anand Rathi VIP 12,” where members regularly posted investment tips, IPO updates, and mutual fund advice under the guise of company executives.

Over time, Mhatre began investing based on the group’s suggestions. Initially, the app displayed impressive profits, which convinced him to invest further. Following the instructions of Suman Gupta and other alleged company officials, he transferred funds from his Bank account to multiple bank accounts shared via WhatsApp.

Massive ₹9.94 Crore Transferred To Multiple Accounts

Between June 2025 and November 2025, Mhatre transferred a total of ₹9,94,76,958 to various accounts for supposed IPOs and mutual fund purchases. However, when he tried to withdraw his returns through the app, the transactions failed. When he contacted the fraudsters, they cited “technical issues” and later demanded more money under the pretext of taxes and commissions.

Fraud Exposed After Visit To Anand Rathi Office

Realizing he had been duped, Mhatre personally visited the Anand Rathi office in Malad (East), where officials confirmed that Suman Gupta and others were not their employees and that the app AR Trade Mobi was fake.

Following his complaint, the East Region Cyber Police Station, Shivajinagar, registered an FIR under relevant sections of the BNS and the Information Technology Act against ten unknown individuals.

Police Probe Reveals Sophisticated Scam Network

Police sources confirmed that the accused had created multiple fake WhatsApp groups impersonating legitimate financial institutions to lure investors into fraudulent schemes.

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The case highlights a growing trend of “high-value investment scams” exploiting the credibility of well-known financial brands. Investigations are underway to trace the recipients of the funds and identify the masterminds behind this pan-India cyber fraud network.

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