Mumbai, December 1: A 75-year-old resident of South Mumbai has fallen victim to a massive online share trading fraud, losing INR 11 crore over the past three months. The complainant, a former employee in the shipping industry from Colaba, was targeted by cyber fraudsters via a WhatsApp group, who convinced him to invest in what they claimed was a legitimate share trading opportunity through a reputed brokerage firm.

According to a report published by the Times of India, the victim was added to a random WhatsApp group on August 19, where members were posting about substantial returns from share investments. After a few days, one of the group operators contacted him, suggesting he invest in share trading. Influenced by the group's messages, the man agreed. Digital Arrest Scam in Mumbai: Woman Forced To Strip on Video Call for ‘Body Verification’, Duped of Nearly INR 1.80 Lakh.

WhatsApp Group Scam in Mumbai

The elderly victim provided his documents to the cyber fraudsters, who then opened a trading account in his name using an app that appeared to be associated with a well-known brokerage firm. He was instructed to invest in a newly launched initial public offering (IPO) and was given a different bank account to send money to, with the excuse that it was for tax purposes.

Senior Citizen Loses Over INR 11 Crore in Online Share Trading Fraud

Over the following weeks, the complainant invested INR 11.16 crore in 22 transactions, believing he was making significant profits. When he attempted to withdraw his funds, he was informed he would need to pay 20% of the credited amount as service charges. Growing suspicious, he contacted the brokerage firm's office in Lower Parel, only to discover he had been duped by cyber fraudsters. Mumbai Scam: Senior Manager Tricked Into Transferring INR 95 Lakh by Fraudsters Posing As Company Director on WhatsApp; Case Registered.

The victim reported the incident to the police, who have registered a case and are investigating the fraudsters using the mobile numbers and bank account details provided.

In a related incident, a 36-year-old businessman from Colaba lost INR 68 lakh to a similar scam. On September 6, he was added to a WhatsApp group with 170 members and approached by a person identifying himself as Amit Kumar, who convinced him to invest in the share market. The businessman initially invested INR 50,000 and saw a 10% profit, eventually losing INR 68 lakh to the fraudsters.

(The above story first appeared on LatestLY on Dec 01, 2024 03:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).