Mumbai News: Vasai Man Loses ₹65.57 Lakh In Online Share Investment Fraud

A 57-year-old former medical transcriptionist from Vasai fell prey to an online share investment scam after being lured into downloading a bogus trading app.

Fake Investment Group Promises High Returns

On July 30, the complainant received a WhatsApp message from a woman containing a link to a group that claimed to provide expert stock market advice. After joining the group, which had around 80 members, he was promised returns of over 10% and was asked to open an account on a fake trading platform.

Large Transactions Made

Between August 1 and 25, the victim transferred Rs 65.57 lakh in seven online transactions to different beneficiary accounts. The trading platform displayed earnings of Rs 1.08 crore, but when he attempted to withdraw the funds, the requests were denied.

Scammers Demand More Money

When confronted, the fraudsters demanded additional payments under the pretext of taxes before releasing the funds. Realizing he had been scammed, the victim approached the police and provided details of the WhatsApp group, contact numbers, and the bogus trading app.

Police Investigation Underway

The MBVV police have registered a case under sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita, along with sections 66C (identity theft) and 66D (cheating by personation using computer resource) of the Information Technology Act. Investigations are ongoing.