Mumbai Cyber Fraud Alert: Businessman Duped of ₹55 Lakh In Stock Trading Scam; Probe Underway

Mumbai: A 66-year-old electrical parts trader was allegedly cheated of Rs 55.41 lakh by cyber fraudsters posing as representatives of a reputed share trading firm. The businessman, who was seeking investment opportunities, was lured into a fake trading platform promising high returns through IPOs and options trading.

In December 2024, the businessman came across an online advertisement promoting stock market investment. He clicked on a link that led him to join a WhatsApp group, where he was approached by a person identifying himself as Manoj Joshi, the 'chief investment officer' of a leading investment company.

Victim Told To Install App Using Malicious Link

Joshi convinced the victim to download a stock trading application via a link sent to him. Upon installation and registration, the victim's mobile number was linked to a virtual trading account. An initial deposit of Rs 3,000 was shown as a welcome bonus for participating in a global stock challenge, building trust in the platform.

Soon after, Joshi encouraged the businessman to invest in Initial Public Offerings (IPOs) and options trading, assuring him of high returns. Believing the platform to be genuine, the trader invested a total of Rs 55.41 lakh over multiple transactions. According to a Times of India report, the app continued to display steadily increasing profits, reinforcing the illusion of successful investments.

However, in February 2025, when the businessman attempted to withdraw his funds, he was informed that a 5 per cent commission on the profits, roughly Rs 22 lakh, was required to process the transaction. Joshi allegedly assured the trader that he would arrange to pay a portion of the commission if the victim could manage Rs 15 lakh. Trusting the assurance, the businessman paid the amount, but the promised funds were never credited to his account.

Victim Files Case After Realising About Being Scammed

Repeated delays and fresh demands for more money on different pretexts finally raised red flags. Realising he had been duped, the businessman approached the Central Cyber Cell and lodged a formal complaint.

A case has been registered, and cybercrime investigators have begun tracing the source of the fraudulent app and the WhatsApp group involved. The police have also warned the public against clicking on suspicious investment links and advised verification before making online financial transactions.