Mumbai, Jan 21: A 58-year-old Central Railway station manager posted at Chhatrapati Shivaji Maharaj Terminus (CSMT) has fallen victim to an elaborate online share trading scam, in which he was allegedly cheated of Rs 11.5 lakh through a fake trading application and a WhatsApp investment group.
Added to WhatsApp investment group
The complainant, Pravin Motiram Waikar (58), resides in Chembur and is employed as a Station Manager at CSMT. According to the FIR, on November 26, 2025, while using WhatsApp on his mobile phone at his residence, Waikar noticed that he had been added to a WhatsApp group named “D1 Nadir Varma Teaching Exchange Community”, which had around 135 members.
The group administrators were identified as individuals using the names and mobile numbers: Nadir Varma: +1 (202) 280-0870 and +1 (304) 356-8610; an admin number: +44 7547 945487; PZENA-Lila: +1 (304) 415-2047; and Renin for Stocks: +91 7794867898.
Fake trading app downloaded
The admins allegedly discussed share market investments and assured members of high returns. One of the admins, using the name PZENA-Lila, sent Waikar a link to download a trading application named “PZENA INV” from the Google Play Store.
He was further instructed to register through a website link, where he entered his Aadhaar and PAN card details, following which an online trading account was created in his name.
Rs 11.5 lakh transferred
Between November 30, 2025, and December 20, 2025, Waikar was persuaded to transfer money to various bank accounts for purchasing shares and IPOs. He initially transferred Rs 2.30 lakh from his bank account via RTGS and UPI. In total, he invested Rs 11.5 lakh as instructed by the fraudsters.
The PZENA INV trading app subsequently displayed profits of nearly Rs 16 lakh. However, when Waikar attempted to withdraw the amount, the transaction failed.
Upon contacting the WhatsApp numbers, he was told that additional money would be required to process the withdrawal. Shortly thereafter, all the WhatsApp numbers stopped responding, leading Waikar to realise that he had been cheated.
FIR registered
The victim lodged an online complaint with the national cybercrime helpline 1930 on January 11, 2026. The complaint was registered with an acknowledgement number.
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Based on his complaint, an FIR has been registered at the East Region Cyber Police Station against eight unidentified persons for criminal conspiracy, cheating and online financial fraud. Further investigation is underway to trace the accused and the flow of funds.
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