Mumbai Cyber Fraud: Retired Wadala Banker Duped Of ₹7 Lakh In Online Stock Market Scam; 5 From Uttar Pradesh Booked

Mumbai: A shocking case of cyber fraud has come to light in Mumbai, where a 72-year-old retired banker from Wadala’s Bhakti Park, Sunder Mani Iyer, was allegedly cheated of Rs 7 lakh by cybercriminals who lured him with promises of high returns on stock market investments through a mobile application.

Five Accused from Uttar Pradesh Booked

According to the police, an FIR has been registered against five accused from Uttar Pradesh — Yash Arya, 25, Himanshu Kamal Kishor Sharma, 23, Yashpratap Sanjaypratap Singh, 25, Himanshu Harendrasingh Chaudhary, 22, and Awalok Vijay Kumar, 25. The Wadala Truck Terminal Police are investigating the case, with assistance from cyber cell officers.

Fake WhatsApp Group and Trading App Used in the Fraud

As per the FIR, on April 14, 2025, Iyer received a WhatsApp message inviting him to join a group named “Zerodha Guest”, operated by a person identifying himself as Jaykumar Verma. The message claimed Verma provided profitable stock trading tips with a potential return of 30%–50%.

Once Iyer joined, the group was renamed “VIP A5 Indian Stock Market Frontier”, which had about 100 members. Verma introduced himself as a 50-year-old Mumbaikar, holding a PhD in Financial Economics from Columbia University, and claimed to have over 15 years of trading experience on Wall Street. He further claimed he had worked at Franklin Templeton and was planning to publish a book titled “Stock Market Winners” in Mumbai in July 2025.

Forged Certificates and Fake Testimonials Shared to Build Trust

Verma frequently shared trading tips in the group, and several members posted fake testimonials claiming huge profits. Later, Verma asked members to open trading accounts through a link to an app called m.Amansa.net, claiming it was affiliated with Amansa Capital Pte. Ltd., a company registered with SEBI and the U.S. Securities and Exchange Commission (SEC). He even sent forged registration certificates to appear legitimate.

Victim Transferred ₹7 Lakh to Multiple Bank Accounts

Lured by the promise of quick returns, Iyer transferred a total of Rs7 lakh from his ICICI Bank account (Bhakti Park branch, Wadala East) to several accounts, including S.B. Enterprises (IDFC First Bank, Dhanbad), Puja Enterprises (IndusInd Bank, Patna), and other firms registered under different bank names across Jharkhand, Madhya Pradesh, and Uttar Pradesh.

Fraud Exposed After Failed Withdrawal Attempt

On May 28, Iyer attempted to withdraw funds from the app but received a message reading “Withdrawal needs approval.” When he contacted Verma, the latter claimed that the “head office” needed to approve the withdrawal and that tax calculations on profits had to be finalized first.

The app showed a balance of Rs 9.48 lakh, including a supposed profit of Rs 2.48 lakh. However, despite repeated requests, Iyer never received his funds back. Realizing he had been defrauded, he filed a complaint through the National Cybercrime Reporting Portal.

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Cyber Cell Traces Gang Linked to Similar Frauds in Uttar Pradesh

Assistant Police Inspector Amol Sawant from the Wadala Truck Terminal Police Cyber Cell stated that four of the five accused had already been arrested in connection with a similar cyber fraud case registered at the Kotwali Police Station, Etawah, Uttar Pradesh, while one remains absconding. Investigators believe the same gang is responsible for defrauding Iyer.

Police have booked the accused under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act.

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