Scammers use Union FM Nirmala Sitharaman’s photo to gain trust, defraud retired Mahim doctor of Rs 1.47 crore
On October 1, the complainant came across an advertisement on social media that claimed an investment of Rs 21,000 would give guaranteed profits of at least Rs 60,000.
Cyber fraudsters defrauded a retired doctor in Mahim of Rs 1.47 crore in an online share-trading scam after gaining his trust by using the photo of Union Finance Minister Nirmala Sitharaman.
According to the police, on October 1, the complainant came across an advertisement on social media that claimed an investment of Rs 21,000 would give guaranteed profits of at least Rs 60,000. The advertisement displayed a picture of Sitharaman, which made the elderly man trust the advertisement.
After the victim entered the basic details, he received a phone call from an unknown WhatsApp number, and the caller introduced herself as ‘Meenakshi’, promising to assist him in share trading. The woman claimed she was representing share trading firm UPSTOX SECURITIES, and asked the victim to create a trading account and follow her instructions.
Later, he was added to two WhatsApp groups: ‘C23-Upstox Securities Online Customer Service’ and ‘188 SBI Wealth Mindset Exchange Group’. The complainant said he saw members of the groups posting screenshots of their profits, and so got enthused to invest. He made his first deposit on October 5, and the next day, he saw a ‘profit’ of Rs 108 in his trading account.
“On October 18, the woman allegedly convinced the victim to invest in an IPO. As per her advice, the victim invested Rs 5 lakh in the Rubicon Research Ltd IPO. The victim made further investments in the share market following the woman’s instructions, and after a month, his balance rose to Rs 6 crore (inclusive of Rs 1.47 crore principal amount). But when he tried to withdraw even a portion of the money, he was asked to pay Rs 90 lakh, claiming that it was mandatory before releasing the funds,” said a police officer.
The victim had invested all his savings and tried to contact the woman, but the latter disconnected the call, and suddenly, the trading account also disappeared. The retired doctor then approached the central cyber police station, and a case was registered against unknown persons.
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
