Mumbai: A 62-year-old retired government employee has been duped of ₹1.68 crore in an elaborate online share trading scam that promised lucrative returns on investments. The Mumbai Cyber Police have launched a detailed investigation after the victim lodged a complaint on November 2, 2025.
According to the complaint, the victim who retired as a Senior Administrative Assistant in July 2025 invested his and his wife’s life savings in what turned out to be a bogus trading scheme. With his wife’s pension being their only source of income, the fraud has left the couple financially distressed.
About The Incident
The incident began on June 24, 2025, when the complainant was added to a WhatsApp group named “M4 Wealth Creator.” The group, allegedly managed by two individuals Karan Singh and Alok introduced him to stock trading. They presented forged documents claiming that their firm, Conifer Wealth Management, was registered with SEBI.
Encouraged by the false assurances, the victim opened an account on a trading app sent via a registration link on September 29 and made an initial investment of ₹50,000 through Google Pay. Over the next month, between October 1 and October 31, following the suspects’ instructions, the complainant transferred large sums through UPI, RTGS, and IMPS to multiple accounts.
The fraud was exposed when the victim attempted to withdraw ₹80 lakh from the trading app on October 23 but failed. When questioned, Alok told him the funds were converted into an IPO and demanded another ₹50 lakh to “unlock” his account. Under pressure, the victim transferred the amount on October 31, only to be asked for yet another ₹80 lakh the same evening. Realizing he had been cheated, he cut off contact and filed a police complaint. The fraudsters had siphoned a total of ₹1,68,14,058 by exploiting the victim’s trust and financial hopes.
The East Region Cyber Police have registered a case against Karan Singh, Alok, and others connected with the fraudulent trading portal (https://m.conifer-llc.com/). Investigators are now tracing the linked bank accounts and digital trail to identify the full extent of the racket. Police have once again urged citizens to exercise caution while investing through online trading platforms and to verify the authenticity of financial entities before transferring funds.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
