Mumbai: A 59-year-old chartered accountant from Mulund has fallen victim to a sophisticated online share trading scam, losing ₹97 lakh over several months. The victim, who was initially contacted by fraudsters through WhatsApp, was tricked into investing in a fake stock trading scheme.
According to police reports, the victim was added to a WhatsApp group named "Practice Proves Truth, R Gara," where around 85 members shared screenshots and testimonials about profitable stock trades. One of the key members, Ishani Mehta, sent personalised trading advice and investment tips to the victim, according to Hindustan Times report.
Over the next few months, the victim saw large virtual profits displayed on the app, leading him to make nine transfers totalling Rs 97 lakh to various bank accounts provided by Mehta. The money was allegedly for purchasing shares and investing in IPOS.
In October 2024, convinced by the testimonials and advice, the victim decided to invest. Mehta instructed him to download a trading app called ‘R Gara’ from the Play Store. Trusting the process, the victim registered on the app, providing his personal details, documents, and even his bank information.
However, the victim grew suspicious when Mehta stopped responding after he informed her that he could no longer invest due to depleted savings. His concerns deepened when he attempted to withdraw his earnings but found the app was no longer functional. Upon further investigation, he discovered that the entire platform was a scam.
Realising he had been defrauded, the victim contacted the cybercrime helpline and later filed a formal complaint. The East Cyber Police registered a case on April 22 under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Investigations are underway to trace the fraudsters behind the scam, as per report.
