Mumbai News: Manager Duped Of ₹5.11 Crore In Stock Market Cyber Fraud In Prabhadevi

Mumbai: A 32-year-old manager working with a private company in Prabhadevi was duped of a staggering ₹5.11 crore in a cyber fraud that lured him into investing in the stock market through a fake mobile app.

The victim, a resident of Manpada, Thane, was unknowingly added to a WhatsApp group where members regularly shared stock market updates. The information mirrored real market trends, convincing him of the group’s authenticity. Members also posted about their “profits,” further gaining his trust.

Initial investment of ₹2 lakh showed false profits

Initially, he invested ₹2 lakh and was shown fictitious profits through the app. Gradually, he continued investing larger sums until his total investment reached ₹5.11 crore.

Fraudsters demanded ₹1.72 crore in taxes

Trouble began when he attempted to withdraw his funds. A so-called company representative told him he would first need to pay ₹1.72 crore in taxes before withdrawal. Realizing something was amiss, the victim consulted acquaintances, who confirmed that he had fallen prey to a cyber fraud.

Police register case and begin investigation

Police have registered a case and launched a probe into the scam. Investigators suspect the fraudsters may be part of an organised syndicate operating from outside India, using manipulated apps and WhatsApp groups to lure investors.