63-Year-Old Thane Resident Loses ₹2 Crore In Bogus Stock Market App Fraud

Mumbai: A 63-year-old Thane resident lost over ₹2 crore in an elaborate online share trading fraud. The retired man was lured into the scam via a WhatsApp link on April 9, leading him to a group discussing stock investments.

Convinced by fake profit testimonials, he downloaded a bogus trading app and made 21 online transactions totaling R s2.02 crore between April 9 and May 19. The fraudsters meticulously built trust, showcasing fabricated successes to ensnare the unsuspecting victim. Though the app displayed fabricated earnings, withdrawal requests were denied. When he attempted to retrieve his funds, scammers demanded a 10% “short-term capital gain tax.”

Subsequently, they ceased all communication. Realizing he was defrauded, the victim reported the incident to Thane police, who have registered a case under the IT Act, including sections 66C and 66D. Further investigations are ongoing.