Mumbai, Jan 22: A 68-year-old logistics businessman from Churchgate has fallen victim to a massive online stock trading fraud, in which cyber fraudsters allegedly cheated him of Rs 10.98 crore by luring him with promises of high returns through fake trading applications and WhatsApp groups. Based on his complaint, the South Region Cyber Police Station has registered a case and initiated a detailed investigation.
Lured through online advertisement
According to the complaint, a resident of Churchgate and owner of a logistics company, he came across an advertisement related to stock market investments while searching on Google. Soon after, he received a WhatsApp message from a person identifying himself as Mohan Sharma, claiming to be a stock adviser.
Sharma added him to a WhatsApp group titled TRADER TITAN VIP 46, where several members regularly posted screenshots of alleged profits, which convinced the complainant of the group’s authenticity.
Fake firm and trading app
The fraudsters claimed that Mohan Sharma was associated with a reputed international firm, WAR-BURG, and introduced another person named Alex as the company’s general manager.
The complainant was persuaded to become a premium member and was sent a link to install a trading application, where his so-called “institutional account” was opened.
He was instructed to transfer funds to various bank accounts, after which equivalent amounts would reflect in his in-app wallet, giving the impression of legitimate trading activity.
Multiple WhatsApp groups and false assurances
He was subsequently added to multiple WhatsApp groups, including Wings of Freedom Group A-1 and Wings of Freedom Group B, where he was provided training tips, investment strategies and false assurances of extraordinary profits. A woman identified as Ayesha Singh also sent him training notes and trading guidance.
Encouraged by consistent fake profit displays and continuous communication from the group administrators, the victim began transferring money from his ICICI Bank account to multiple accounts provided by the fraudsters.
Rs 10.98 crore transferred
Between December 29, 2025, and January 19, 2026, the complainant transferred a total amount of Rs 10.98 crore in multiple transactions. However, when he refused to deposit further funds and demanded a withdrawal of his so-called profits, the fraudsters stopped responding, blocked communications and demanded an additional Rs 8 crore as “penalty charges”.
At this stage, he realised that he had been cheated. The WhatsApp groups also became inactive, confirming his suspicion of fraud.
Police investigation underway
Following the incident, the victim approached the national cybercrime helpline number 1930 and lodged a formal complaint. Based on his statement, the South Region Cyber Police registered an FIR against unknown persons for cheating, criminal conspiracy, identity fraud and misuse of electronic and social media platforms.
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Police said the fraudsters used fake identities, forged digital platforms and manipulated online trading interfaces to deceive the complainant. Investigators are now tracing the money trail, analysing bank accounts, digital wallets, IP addresses and communication records to identify the accused and recover the defrauded amount.
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