Online share trading scam: Media executive duped of Rs 39 lakh

A case was registered Wednesday against unidentified persons, and investigations are underway.

According to police, the complainant, a resident of Mulund (West), received a WhatsApp message on July 25 from a woman identifying herself as Anisha Nair.

The message offered investment opportunities in foreign currency and share trading, promising a 20 per cent profit.
“The complainant replied to her showing his interest,” said a police officer investigating the case.

On August 4, Nair sent the victim a registration link and instructed him to provide his personal details to open a trading account. The 56-year-old man complied and soon began trading on the platform.
“He was asked to invest Rs 50,000 in the foreign currency, and he invested. A 20 per cent profit was showing in his account, which he withdrew,” said the officer.

As the scheme progressed, the complainant continued investing larger sums, reassured by the initial profits and smooth withdrawals.

However, on September 2, when he attempted to withdraw more funds, he was told he would need to pay a 20 per cent exchange fee of Rs 22 lakh before any further withdrawals could be processed.

“When the complainant said he did not have the money, Nair advised him that she would pay Rs 5 lakh for him. The 56-year-old man agreed, and he paid the remaining amount of Rs 17 lakh on the given account number,” the officer added.

In total, the complainant said he made 18 transactions, transferring Rs 39 lakh into various bank accounts provided by the fraudsters.

He began to suspect foul play when he was asked to pay an additional Rs 40 lakh for further withdrawals. Upon refusing, he discovered that his trading account had been closed and was no longer visible on his screen confirming he had been cheated.

The media executive filed an online complaint on September 10, and later visited the Central Cyber Police Station, where he submitted bank details and transaction records.