Mumbai: A Mulund-based finance consultant has lodged a complaint with the East Region Cyber Police after being duped of ₹74.35 lakh in an online share trading scam allegedly orchestrated by fraudsters posing as stock market advisors on WhatsApp.
Fraudulent WhatsApp Group Lures Victim
According to the complaint filed by Dinesh Ramanlal Panchal (45), a resident of Mulund East, he was approached on July 2, 2025, by a woman named Nikita Sharma through WhatsApp messages from international and Indian mobile numbers.
She introduced him to stock trading opportunities and invited him to join a WhatsApp group named “1103 Premier Tutorial”, administered by Raja Kumar and herself. The group, which had over 100 members, regularly shared trading tips and profit screenshots to lure victims.
Personal Details And Bank Transfers Exploited
Nikita Sharma later sent Panchal a link to the website allegedly representing Premier Company. She asked him to upload his Aadhaar card, PAN card, and bank details, assuring him of high returns through investments.
Between August 8 and October 3, 2025, the complainant transferred a total of ₹74,35,000 from his Bank of Baroda account to multiple accounts provided by the fraudsters, including those held in various Bank.
Fraud Exposed When Profits Could Not Be Withdrawn
According to FIR, on October 7, 2025, Complainant's Premier account displayed a profit of ₹80 lakh. However, when he requested a withdrawal, the amount was never credited to his account. Realizing that he had been duped, he filed a complaint with the 1930 Cyber Fraud Helpline and later approached the East Region Cyber Police Station on October 11.
Cyber Police Investigation Underway
Police have registered a case under relevant sections of the BNS and Information Technology Act against 11 unknown account holders involved in the fraud.
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Preliminary investigation suggests the accused operated from multiple locations using fake websites and cryptocurrency-based money transfers. Further investigation is underway to trace the beneficiaries and digital footprints of the transactions.
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