Mumbai Cyber Fraud: Businessman Loses ₹51.9 Lakh In Sophisticated Online Stock Trading Scam; Case Registered

Mumbai: The Mumbai Cyber Police have registered a case after a city businessman was duped of Rs 51,90,450 in a sophisticated online stock trading scam involving fake investment groups, fraudulent mobile applications, and multiple bank accounts.

Fake Trading Groups Target Victim

According to the complaint filed at the Cyber Police Station, Bandra, the victim began investing between June 13, 2025, and August 5, 2025, after being added to two WhatsApp groups — A108 Anand Rathi Intraedge Insights and IIFL Securities-M5 — run by individuals identifying themselves as Suman Gupta, Suresh Malhotra, Suraksha, and Shankar Ramrakhiyani.

Fraudulent Apps and Bank Transfers

The accused persuaded the complainant to download unknown trading apps — Trade Mobi and another fake platform mimicking IIFL Market — through suspicious links. They instructed him to complete KYC details and transfer large sums via RTGS and net banking from his Abhyudaya Co-op Bank and State Bank of India accounts to various bank accounts provided by them.

Illusion of Huge Profits

Over the course of the scam, the victim invested Rs 51.9 lakh. The fake apps displayed inflated portfolio values — Rs 1.46 crore in the IIFL Market clone and Rs 1.23 crore in Trade Mobi — to create the illusion of profits. However, when he attempted withdrawals, only Rs 4,000 was credited to his bank account on July 18. No further payments were received.

Cyber Police Investigation Underway

When repeated requests for repayment were ignored, the victim realised he had been defrauded and approached the cyber police on August 7. Along with his complaint, he submitted bank statements, app screenshots, WhatsApp chats, and details of the phone numbers and links used in the fraud.

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The case is under investigation, with police tracing the multiple mobile numbers, WhatsApp groups, and suspicious bank accounts to track down the accused.