Mumbai News: Retired Mira Road Banker Duped Of ₹50 Lakh In Fake Trading App Scam

A 64-year-old retired banker from Mira Road lost over Rs50 lakh in an investment scam after being tricked into using a fake trading app. Lured by a Facebook ad related to stock market investment in March, he clicked on it and was added to a WhatsApp group offering trading tips.

After witnessing other group members claim profits, he was convinced to invest. The scammers instructed him to download a bogus trading app, and between March 20 and April 16, he transferred Rs50.31 lakh across various accounts through multiple online transactions.

The app showed his investment growing to Rs3.48 crore. However, repeated attempts to withdraw the amount were denied. When he confronted the scammers, they demanded additional payments to release the funds. Upon refusing to pay more, they stopped responding to his calls.

Realising he had been duped, the man approached the MBVV police and registered a complaint last week. A case was filed under Section 318 (cheating) of the Bharatiya Nyaya Sanhita and Sections 66C (identity theft) and 66D (cheating by personation using computer resources) of the IT Act.