Mumbai, March 17: A 49-year-old project manager from Prabhadevi has allegedly been duped of Rs 1.23 crore in an online share trading scam operated through fake WhatsApp groups and a fraudulent mobile application. The case has been registered at the Central Region Cyber Police Station.
Victim added to fake investment groups
According to the FIR, a 49-year-old complainant, who works with Kalpataru Pvt Ltd, was added to a WhatsApp group named “W1001-ACME Wealth Private Limited Group” on December 29, 2025, from an unknown number. The group discussions revolved around “pairs trading” and investment opportunities in the stock market.
Later, on January 9, 2026, he was added to another group, “ACME Wealth-VIPW72,” where a woman identifying herself as Priyanka Chikhlkar guided him on trading and asked him to download a mobile application for investments. On January 12, he received a link to download a trading app named “ACME Wealth Private Limited Group.”
After registering with an invite code, a trading account was created in his name. The accused initially convinced him to invest Rs 1 lakh, which he transferred to a bank account provided by them. The amount reflected in the app, showing a profit of 10% on the same day, which built his trust.
Fake SEBI certificate used to gain trust
Police said the fraudsters also shared a purported certificate bearing the seal of the Securities and Exchange Board of India, further convincing the victim of the scheme’s legitimacy.
Encouraged by the apparent profits, Naik continued to invest larger sums between January 12 and February 23, 2026, transferring money through online banking and RTGS to multiple bank accounts provided by the accused.
Withdrawal blocked, suspicion raised
However, when he attempted to withdraw Rs 9.03 crore shown in his trading account on February 23, the fraudsters demanded a 5% “tax” payment to process the withdrawal.
Despite his request to deduct the tax from the profits, the amount was not released. This raised suspicion, and upon verification, he discovered that the SEBI certificate was fake and that he had been cheated.
Case registered, probe underway
The victim lodged a complaint with the cyber helpline 1930 on March 10. Based on his complaint, a case has been registered against unidentified persons.
Police said the accused used multiple phone numbers and posed as representatives of a fictitious firm, luring the victim with promises of high returns through a fake trading platform.
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They allegedly created a virtual interface showing inflated profits to induce further investments. An investigation is underway to trace the accused and track the flow of funds transferred to various beneficiary bank accounts.
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