Retired Professor Loses Nearly ₹2 Crore In Share Investment Scam; CBI Begins Inquiry

Mumbai: A 78-year-old retired government official from Thane lost more than Rs1 crore after falling victim to an online share trading scam.

The Thane police said the fraud began on October 3 when the victim clicked on an online advertisement offering AI-based portfolio analysis. His number was subsequently added to a WhatsApp group with 94 members, where supposed investment tips were shared. The scammers then sent him a link to download a trading app and promised returns of over 50%.

Between October 14 and November 20, the victim transferred Rs1.06 crore to multiple bank accounts in 21 transactions, following instructions from persons posing as chief investment officers. Although he could see the credited earnings on the app, he was repeatedly blocked from withdrawing funds.

When he confronted the group, the scammers demanded an additional Rs40 lakh as “commission.” Realising he had been cheated, he filed a complaint on the cybercrime portal and later approached the police, providing details of the WhatsApp group, contact numbers, app and beneficiary accounts.

Police registered a case under Sections 318 and 319 of the Bharatiya Nyaya Sanhita and Sections 66C and 66D of the Information Technology Act.

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