Fraudsters convinced the station manager of a prominent railway station in Mumbai that he could earn high returns through a trading app named ‘PZENA INV’.
A 58-year-old Central Railway officer posted as a station manager at a prominent railway station in Mumbai recently fell victim to an online investment fraud and lost Rs 11.5 lakh after he was promised huge profits via a bogus trading application, the police said.
The complainant, a resident of Chembur (East), filed a First Information Report (FIR) last week, alleging that a person impersonating a stock market expert added him to a WhatsApp group called ‘Stock Market Education’ on November 26 last year. There were 130 members in the group, including some who were using international numbers, the FIR stated.
A person named ‘Nadir Varma’ was the group admin. He claimed to be a market expert and offered guidance on stocks and IPO investments, the complainant said. Nadir allegedly convinced the victim that he could earn high returns through a trading app named ‘PZENA INV’ that could be downloaded through the Google Play Store.
Later, the fraudster allegedly sent a link and asked the victim to download the app and submit his personal documents, including Aadhaar and PAN. The complainant followed the instructions and transferred money from his and his wife’s bank accounts, a police official said.
The complainant made seven transactions and transferred a total of Rs 11.5 lakh to multiple bank accounts, the official added. In a few days, the bogus app showed that the complainant had made a profit of Rs 16 lakh. But when he tried to withdraw the amount, he was unable to do so.
The complainant told the police that when he contacted the fraudster, he was told to deposit more money. Suspecting foul play, the station manager informed a few of his friends and realised that he had been cheated. He then approached the cyber police station, and a case was registered at the cybercrime police station in Chembur.
“Greed is the major aspect that makes people fall for cyber fraud. Nowadays, government officials are also becoming victims, especially those who are either retired or will be retiring in a few years. They want to invest their savings where they could earn more to maintain their lifestyle,” a police official posted at the cyber police station said.
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
