Mumbai, Feb 25: A 39-year-old senior manager working with SBI Life Insurance has been allegedly duped of Rs 41.65 lakh by cyber fraudsters who posed as representatives of an investment firm and lured him into investing through a fake share trading application.
According to the complaint filed with the Central Region Cyber Police Station, the victim, Sandeep Makkhanlal Kesarwani, a resident of Curry Road and employed as a Senior Manager at SBI Life Insurance in Andheri, was targeted through a Facebook advertisement related to online share market investment.
Fraud through WhatsApp group and fake app
Police said that on January 25, 2026, Kesarwani came across an advertisement promoting stock market investment via “5paisa.” The advertisement contained a link to a WhatsApp group named “P132-5paisa Wealth Leaders,” which he joined. Soon after, a woman identifying herself as Shalini Kurlkarni contacted him via WhatsApp, claiming to be an authorised representative of the company.
She allegedly convinced him that he could earn substantial profits through block trading in upper-circuit stocks and IPO investments. She then shared a link to download a mobile application named “5PCLPMTAMAX,” through which he was asked to open a trading account by submitting personal details, including his PAN and Aadhaar information.
Subsequently, another person identifying himself as customer support executive Ram Takhur contacted him and instructed him to transfer money into bank accounts provided by them, claiming the funds would be credited to his trading account.
Multiple transfers and mounting losses
Initially, Kesarwani transferred Rs 20,000 via IMPS, which was reflected in the app. He later withdrew Rs 1 lakh on February 12, 2026, which was credited to his bank account, further gaining his trust.
Encouraged by the apparent returns, he transferred money multiple times between January 27 and February 12, 2026, to various bank accounts provided by the fraudsters using IMPS, NEFT, RTGS and UPI.
The total amount transferred was Rs 41,65,000 to accounts held in the names of entities such as Smart Trader, S N Enterprises, A Q Traders, KGN Enterprises, Shivam Enterprises and Ram Narayan Kasji Ji Social Education & Welfare Trust across different banks.
The fake application displayed a balance of Rs 57,04,393, including profits. However, when he attempted to withdraw the amount, the fraudsters demanded an additional payment of Rs 46,96,306 under the pretext of IPO allotment.
Complaint filed after verification
Growing suspicious, Kesarwani visited the official office of 5paisa in Thane on February 17, 2026, where he was informed that no persons named Shalini Kurlkarni or Ram Takhur worked there and that the application he had used was not associated with the company.
Realising he had been cheated, he contacted the national cyber helpline 1930 and later filed a formal complaint with the Central Region Cyber Police Station.
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Police have registered a case against the accused persons, including Shalini Kurlkarni and Ram Takhur, as well as the holders of the bank accounts used in the fraud and their accomplices. Further investigation is underway.
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