Mumbai Cyber Fraud: 2 Fraudsters Arrested For Duping 79-Year-Old Powai Doctor Of ₹25 Lakh In Stock Trading Scam

Mumbai: A 79-year-old Powai-based doctor lost nearly ₹25 lakh in a sophisticated share trading scam, prompting the Cyber Cell of Mumbai Police’s Western Region to launch a probe that led to the arrest of two suspects — Prashant Chaudhary and Richard Rao.

Modus Operandi of the Fraudsters

According to officials, the senior doctor, who also heads a private company, received a WhatsApp message on July 17 promoting stock investments along with a customer care number.

After joining a group, he was given regular stock tips and analyses. Soon, the group admin personally contacted him, promising lucrative returns and even creating a trading ID and password for him on a fake platform.

Victim Lured by Fake Profits

Convinced by continuous assurances and follow-ups from a woman in the group, the doctor invested around ₹25 lakh over the next few weeks. Initially, the account displayed impressive profits, boosting his confidence.

However, when he tried to withdraw the money, his attempts repeatedly failed. The fraudsters then claimed his “score” was low and demanded additional investments. When he refused, communication abruptly stopped.

Investigation and Arrests

Realising he had been cheated, the doctor lodged a complaint with the Cyber Cell. A case was registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and IT Act against unidentified cyber criminals.

Investigators traced the money trail to Chaudhary and Rao, who had allegedly provided multiple bank accounts to cyber fraudsters for laundering funds in exchange for commission.

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Ongoing Probe and Citizen Advisory

These accounts were used to route money from the doctor and other victims. Police have launched a further probe to identify the masterminds behind the scam and are urging citizens to remain cautious of online investment offers promising guaranteed returns.