Mumbai: A 26-year-old corporate lawyer from Indore, Madhya Pradesh, was allegedly duped of Rs 9.73 lakh by cyber fraudsters who posed as stock market experts and operated through fake trading apps and WhatsApp groups. The victim was reportedly lured with promises of high returns and was asked to download an app called IMPV MIN to make the investments.
FIR Registered At Dadar Police Station
The Dadar Police have registered a case against unidentified individuals under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT)Act.
Victim Identified As Advocate Priyam Dilip Goyal
According to the FIR, the victim, Advocate Priyam Dilip Goyal, resides at Sahakar Nivas on Agashe Path, Dadar (West), Mumbai, and works at a law firm in Parel. Initially, Goyal had been making modest profits using the Zerodha trading platform, which built his confidence in online stock investments.
Fraudsters Used WhatsApp Group To Gain Trust
In May 2025, Goyal was added to a WhatsApp group named "T (VIP1) Internal Trading Hub," administered by a woman identified as Shailaja Paik. Posing as a trading advisor, she shared stock tips that initially proved profitable. Based on her earlier successful recommendations, Goyal developed trust in her.
Fake App IMPV MIN Used For Investments
Goyal was eventually convinced to download a third-party application named IMPV MIN from the Apple App Store, where he was instructed to buy and sell stocks on a daily basis. Goyal made two successful withdrawals from his profits, which further boosted his confidence.
Victim Lost ₹9.73 Lakh, Fake Profit Of ₹20 Lakh Shown
By May 28, Goyal had invested Rs9.73 lakh, and the app showed a profit of Rs 20 lakh. He was then asked to download yet another app to access exclusive shares that "only Shailaja Paik could buy." She claimed that investing Rs36 lakh in these shares could double the profits.
Fraudsters Declared Victim A ‘Defaulter’
However, when Goyal expressed his inability to invest further due to lack of funds, he was allegedly declared a “defaulter” and was asked to pay a penalty of Rs 5.5 lakh. Goyal requested that the penalty be deducted from the Rs 20 lakh profit he was shown in the app and demanded the remaining amount be returned. However, no money was refunded, and all communication ceased.
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Police Launch Probe Into Cyber Crime
Realizing he had been defrauded, Goyal approached the Dadar Police Station and filed a formal complaint. Police have launched an investigation and registered a case against unidentified mobile number holders under relevant sections of the BNS and IT Act.
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