Cyber fraudsters in Mumbai continue to exploit victims through fraudulent “make wealth using share trading” schemes. In the past 10 days, three persons had approached the Mumbai Cyber Police, reporting losses totalling ₹2.37 crore after being lured by promises of incredible profits through online stock trading. The police are currently tracing the suspects by following the money trail.
In the first case, a 71-year-old resident of Sion lost ₹1.1 crore in an online trading scam. According to police, the complainant was added to a random WhatsApp group called ‘TF 011 APOLLO 1000% Profit Plan,’ where supposed ‘foreign experts’ provided tips on smart stock trading.
After gaining the complainant’s trust, the fraudsters convinced him to open an ‘Institutional Trading Account’ using a link to a specially designed mobile app from the Play Store. The complainant was then instructed to deposit ₹90 lakh into a broker company’s bank account to begin trading through the app. He saw a virtual profit of ₹15.69 crore in his account, according to police sources.
However, when the complainant attempted to withdraw the funds, he was asked to pay 10% of the profit (₹1.45 crore) as a ‘Profit Sharing’ fee. This is when he realized he had been duped and had already lost ₹1.10 crore.
In the second case, a 49-year-old chemical trader from Antop Hill lost ₹80.5 lakh in a similar fraud. After clicking a Facebook link related to stock market tips, he was added to a WhatsApp group where trading advice was shared by so-called experts. To further gain his trust, the fraudsters even couriered a book titled “31 Stock Market Trading Tips” to his office.
A person named ‘Professor Sanjay Sharma,’ claiming to be a general manager from Nordea Bank Abp, Finland, gave a lecture in the WhatsApp group to convince the victim. The fraudsters then persuaded the complainant to join their premium VIP app, where he deposited ₹80.5 lakh into the app’s wallet for trading. When he tried to withdraw his funds, he was asked to deposit additional money. Realising he had been scammed, he contacted the police.
Similarly, a 67-year-old resident of Parel lost ₹47.21 lakh in another share trading fraud. The complainant received an SMS with a link to join a WhatsApp group called “Fortune UC Stock Group,” where “Professor Jonathan Simon” and “Raju Patel” gave lectures on buying and selling ‘Block Deal & Upper Circuit Stocks.’
According to a police officer, the fraudsters often use the names of well-known international stock market gurus to lure victims. They gain their target’s trust over 4-6 months by providing small profits through tips. Once trust is established, they encourage the victims to join premium schemes or VIP apps, where they are asked to deposit large sums of money. The victims often see substantial profits credited to their virtual accounts, but only discover the scam when they attempt to withdraw the funds, which typically amount to several crores.
The Mumbai Cyber Police have registered cases of cyber fraud and are tracking the accused by following the beneficiary bank account details linked to the fraud.
