Navi Mumbai Cyber Fraud: 43-Year-Old Ulwe Bank Officer Duped Of ₹58.56 Lakh In Fake Stock Investment Scam; Case Registered

Navi Mumbai: Senior bank officer from Ulwe has been cheated of Rs. 58.56 lakh by a cyber gang that lured him with promises of high returns through a fake stock investment platform, posing under the name of reputed firm Advent International.

According to Navi Mumbai Cyber Police, the 43-year-old officer was added to a bogus WhatsApp group named “F-84 Advent Stock Exchange” in February, while he was at his bank’s Turbhe office. The group members, claiming to be investors, shared chat messages showcasing significant profits from stock and IPO investments. Trusting the group’s authenticity—especially due to the use of Advent International’s name—the officer decided to invest.

Following the group's instructions, he downloaded a fraudulent mobile application named “Adwex” and registered himself. Over the next two months, the gang manipulated him by showcasing fake returns and encouraging continued investments in various shares and IPOs.

The officer was made to transfer Rs. 58.56 lakh between February 27 and April 24, under various pretexts including block trading and IPO purchases. To build further trust, the scammers showed a profit of Rs. 2.01 crore in the app, even allowing him to withdraw Rs. 1 lakh.

However, when the officer tried to withdraw the remaining funds, the gang demanded a 15% advance tax on the profits. Sensing foul play, he contacted Advent International’s Mumbai office, where he was informed that the company had no such WhatsApp group and was not involved in any such investment platform. Realizing he had been duped, the officer filed a formal complaint with the Navi Mumbai Cyber Police.

“We suspect the gang has used the name of this reputed company to target several other victims using similar tactics,” said a senior official from Navi Mumbai Cyber Police. “An FIR has been registered under relevant sections of the IPC and IT Act, and efforts are underway to trace the culprits.”

Advent International, known for its market presence and investment profile, confirmed that it has no affiliation with the fraudulent group or the app, said police.