Thousands of Mumbaikars have fallen prey to share investment scams this year, losing crores to fraudulent schemes promising quick profits. Cyber police recently busted a sophisticated racket using deepfake videos to lure unsuspecting investors, highlighting the growing vulnerability of everyday people to online fraud.
Between January and September 2025, out of 3,372 cybercrime cases registered in the city, 665 involved share investment fraud, resulting in losses of around Rs 400 crore, according to official data from the Mumbai police. From 1 January to 30 September 2025, 665 share market investment fraud cases were registered in Mumbai. Only 175 cases have been solved, and 210 accused have been arrested so far.
In 2024, over 1,000 cyber fraud FIRs related to share trading were filed. Until 2024, police did not maintain separate data about share market investment frauds, but due to the surge, separate records have been maintained since January 2025.
Major Share Market Scams In 2024-25
₹170 Crore Scam In Versova
Ashish Shah, 44, from Versova, was arrested by the Crime Branch in July 2024 for allegedly defrauding over 400 people of around Rs 170 crore. He promised high returns of up to 84% in share investments despite having no real market knowledge. The case was initially registered at Versova Police Station and later transferred to the Crime Branch.
₹36 Lakh Fake Stock Trading Scam
Hyder Sayyed from Thane was arrested by North Mumbai Cyber Police for duping a retired man into investing in shares. The victim was shown virtual profits but was prevented from withdrawing funds and asked to pay extra “taxes,” resulting in a total loss of Rs 36 lakh. The case, registered in January 2025, involved impersonation of a broker and multiple bank accounts.
₹27.44 Lakh Scam Via Fake Trading App
A 58-year-old woman from Dahisar was tricked into downloading a counterfeit trading app through WhatsApp. She invested money, saw bogus profits, but could not withdraw her funds, losing a total of Rs 27.44 lakh. The case was lodged on 28 July 2025. The accused lured victims via the app and WhatsApp groups to lend credibility.
₹18 Crore Fraud In Bandra
North Division Cyber Police busted a gang for defrauding people of over Rs 18 crore through bogus share trading investments. Three suspects were arrested after the case was filed on 22 April 2025. The gang operated a WhatsApp group called “K05-IIFL Securities Limited” and a fake app, “IIFL Markets,” promising block trades and IPOs.
₹1.58 Crore Fraud Targeting Bombay HC Lawyer
A lawyer practising in the Bombay High Court was duped of Rs1.58 crore after joining a WhatsApp group claiming to be run by a US-based securities company, promising high returns via share trading. The complaint was filed by the lawyer from Khar on 26 December 2024, while the scammer had been in contact since 13 July 2024.
Teen Victims In Vile Parle
Two teenagers in Mumbai were duped in a share investment scheme between November 2024 and January 2025, losing Rs 3.5 lakh. The police later recovered Rs 2.6 lakh. The scammer lured the victims via Instagram and WhatsApp, using a fake investment scheme. Recently, the Western Cyber Cell arrested four individuals for allegedly giving Chinese scammers access to their social media accounts. The fraudsters created deep fake videos of Indian news anchors and share market experts to lure investors.
The arrested individuals hold degrees such as MTech, MBA, and Engineering. The scammers, operating from China and Cambodia, targeted account holders in India on commission. Despite police action, the main accused abroad remains at large. Officials noted that common investors are often misled by people they have never met, driven by the hope of high returns. This, combined with sophisticated digital scams, has made share investment fraud the most reported cybercrime in Mumbai.
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