Lured by 30% profit in share trading, Mulund resident loses Rs 1.24 crore in cyber fraud
According to the police, the complainant lives in the Navghar area at Mulund (east) along with his wife, and he retired from a pharmaceuticals company in 2016.
A 70-year-old Mulund resident became the latest victim of the cyber fraud after being lured by 30 percent profits in a share trading scam, and he reportedly lost Rs 1.24 crore after interacting with the fraudsters over WhatsApp. The victim retired from a pharmaceutical firm a decade ago and invested all his savings in the scam.
According to the police, the complainant lives in the Navghar area at Mulund (east) along with his wife, and he retired from a pharmaceuticals company in 2016. He has four bank accounts—three in private banks and one in a public sector bank. He claimed that on August 22, while he was watching reels on Facebook, he saw an advertisement for investing in the share market. There was a link on the advertisement mentioning to get more information, and the victim clicked on it and updated his KYC. Within a few minutes he received a call from an unknown number asking if he was interested in trading.
After getting the victim’s positive nod, the fraud claimed to be Ayaan and a financial advisor in the company Finadexa.com. Ayaan gave some training on the stock market and guided the victim on which companies he should invest in to get more profits. He followed the instructions of the fraudster, and his virtual trading account was opened, and he started investing money by transferring amounts through RTGS to the different bank accounts provided by the fraudster.
The complainant transferred a total of Rs 1.24 crore between August 22 and November 21 by making 30 transactions in the accused’s bank accounts. The victim claims that after investing all his savings, his profit of Rs 85 lakh was showing on the trading webpage, and when he tried to withdraw the amount, he could not and called the person who was in touch with him. The person replied that if he wants to withdraw his profits, he is required to invest Rs 1.7 crore more, and then he can withdraw the entire amount. The victim suspected foul play, and after an inquiry with his relatives and friends, he learned that he was cheated online, said a police officer.
The complainant then approached the East Cyber Police Station and provided all the bank transactions and WhatsApp messages as evidence. The police verified the facts and registered a case against four unknown persons under various sections of the BNS along with the IT Act.
Manish Kumar Pathak is a dedicated journalist reporting for The Indian Express from Mumbai. His work demonstrates substantial Expertise and Authority across the complex field of crime reporting, with a strong focus on law enforcement actions, fraud, and cyber security challenges facing the metropolitan region.
Expertise & Authority
Affiliation: Reports for the nationally recognized daily, The Indian Express, providing his content with high Trustworthiness.
Geographical Focus: Provides comprehensive, ground-level coverage of breaking news and investigative matters across Mumbai and the surrounding regions (e.g., Thane, Vasai).
Core Authority: His reporting portfolio highlights deep Expertise in crucial beats, including:
Cyber & Financial Crime: Extensive coverage of sophisticated scams, including cases involving high-value cyber fraud, stock market manipulation scams, and fraudsters using government figures to gain trust.
Law Enforcement & Investigation: Reports directly on major police actions, including arrests made by the Economic Offences Wing (EOW) in fraud cases (e.g., MHADA flat scams) and detailed coverage of murder and kidnapping investigations.
Major Incidents & Public Safety: Covers significant incidents like building collapses, road accidents, and public safety issues such as theft at large public events.
Defence & Maritime: Also covers key updates regarding the Indian Navy, including the commissioning of new vessels and strategic defense announcements.
Manish Kumar Pathak's consistent focus on crime, fraud, and the workings of the Mumbai police system establishes him as a trusted and authoritative source for critical news in Western India. ... Read More
