Two held for duping elderly doctor of Rs 25 lakh on pretext of investing in share trading scheme

“Once Rao and Chaudhary received money in the bank account, they withdrew it and after taking the commission they handed over the money to the main fraudster,” said a police officer.

As per the police, the elderly victim resides in Hiranandani area of Powai and also runs a private firm. On July 17, he reportedly received a promotional message on WhatsApp regarding stock market investments. He was soon added to a WhatsApp group in which members posted screenshots claiming large profits from share trading.

“Two to three days later, he received a call from the group admin who started insisting him to invest in the share market on a particular stock which they would advise him and he could earn huge profits,” a police officer said.

Encouraged by promises of high returns, the complainant shared his documents, and a virtual trading account was opened in his name. Over the next week, he invested ₹25 lakh, and the platform showed impressive profits. However, the scam unravelled when he attempted to withdraw funds and was unable to do so.

“When he contacted the admin, he was advised to pay more, so he suspected foul play. Later he was blocked and his virtual account disappeared,” the official added.

The victim subsequently approached the Cyber Police Station and registered a complaint in the first week of August. Based on transaction details, investigators traced the accused to Dombivli and made the arrests. Further investigation is currently underway.