Mumbai: A 35-year-old finance manager from Andheri (East) has lodged a complaint alleging that he was duped of more than ₹5.02 crore in an elaborate online share trading scam.
Victim Targeted via WhatsApp Groups
The victim, identified as Digambar Vijay Phalak, a resident of Marol, alleged that he was added to WhatsApp groups posing as representatives of reputed firms such as Oppenheimer Developing Markets Fund (ODMAX) and BOB Capital Markets Ltd., where he was lured into investing large sums with promises of high returns. As per Complaint, West region cyber police have been registered an FIR against unknown person.
Fraudulent Investment Platforms
According to Phalak’s complaint, he was added to the WhatsApp group “ODMAX” on March 28, where group administrators, identifying themselves as Jay Aggarwal, Alvi Siddharth, Shubhendra Khatri, Naina Bhatia, and Ankita Ghosh, among others, promoted fake investment opportunities in share trading platforms.
The victim was persuaded to invest through fraudulent websites — oppenheimermarkets.com and birsuy.com — after completing KYC formalities and linking his Kotak Mahindra Bank account.
Loss and Discovery of Scam
Between March and October 2025, Phalak transferred approximately ₹5.02 crore to multiple bank accounts provided by the accused, believing it to be legitimate trading activity.
However, when he attempted to withdraw his funds — which the fraudulent website showed had grown to over ₹7 crore — the operators began making excuses, demanding further payments to release the money. When he refused, they stopped all communication.
Upon verifying the websites, Phalak discovered that both portals were fake and realized he had been defrauded. He recovered only ₹1.36 lakh before the scammers vanished.
Phalak has registered a formal complaint with the Cyber Helpline, naming several individuals associated with the scam, including Ankita Ghosh, Naina Bhatia, Aditya Sharma, Gursharanjeet Dhanjal, Kirtan Mehta, and others.
Investigation Underway
The case involves offences related to cheating, criminal breach of trust, and cyber fraud, and has been forwarded to the West Region Cyber Police for further investigation.
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Police sources said this is one of the largest online trading frauds reported this year in Mumbai. Investigators are tracing the IP addresses and bank accounts used by the suspects, who are believed to be operating from outside India.
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