Mumbai TCS employee, lured into high stock market returns, loses 87 lakh in cyber fraud
According to Mumbai police, the victim was added to a WhatsApp group with 104 members who regularly shared screenshots of their profitable investments.
The East Cyber Police subsequently registered a case against eight unidentified individuals under several sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act.
In a case of cyber fraud in Mumbai, a TCS employee allegedly lost close to Rs 87 lakh after he fell into the trap of fraudsters who promised substantial returns from stock market investments. The complainant invested all his savings to the tune of Rs 86.85 lakh, within a month, by transferring the amount through RTGS into various bank accounts as instructed by the fraudsters.
According to the police, a 42-year-old complainant lives in Chembur along with his elderly parents and brother. He has been employed at TCS since 2006.
On September 11, he received a WhatsApp message from a well-known investment firm, urging him to invest in the stock market. He was soon added to a WhatsApp group with 104 members who regularly shared screenshots of their profitable investments, the police said, adding that after monitoring the group for almost a month, the complainant decided to invest and received a link on October 23.
Upon clicking the link, which directed him to Google Play, the victim downloaded an app and filled out a form containing his personal information, similar to a KYC process, stated the First Information Report (FIR).
He began trading on the app, following guidance from Meera Joshi, the group’s admin. He transferred money via RTGS to the bank accounts provided by the fraudsters, the police said. The complainant mentioned that seeing the profits generated by others led him to trust the scheme and continue investing in the stocks.
The scammers frequently sent links for group classes aimed at increasing members’ knowledge about stocks, and many members attended these sessions. After transferring his entire savings of Rs 86.85 lakh across 10 transactions to different accounts identified by the fraudsters between November and December 8, the victim attempted to withdraw his funds. However, he was informed that he needed to pay a 30 per cent service fee before he could access his money, said a police officer.
Finding this situation suspicious, the victim contacted the cyber police and reported the incident to the 1930 cyber helpline. The East Cyber Police subsequently registered a case against eight unidentified individuals under several sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (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
