Navi Mumbai: A 54-year-old man from Panvel was cheated of Rs 2.9 crore by a cyber gang that lured him with promises of high returns in the share market through fake investment apps and WhatsApp groups. The Navi Mumbai Cyber Police have registered a case under cheating and the IT Act against the unidentified gang and launched a probe.
Fraud Initiated Through WhatsApp Group
The victim, identified as Amrendranath Sasmal, works in a paper company. Police said the fraudsters first contacted him on July 20, adding him to a WhatsApp group titled Motilal Oswal Securities. The group admin, Ananya Mehta, along with two other women, convinced him to invest in IPOs and block trading.
Fake Apps Showed Fabricated Profits
As part of the scam, Sasmal was persuaded to download fake apps — Morais, Upstox Securities, and Canara Robeco. These apps displayed fabricated profits, making him believe his investments were multiplying. Between May 16 and July 8, Sasmal transferred Rs 2.9 crore from his and his wife’s bank accounts into multiple accounts controlled by the gang.
Withdrawal Attempts Expose Scam
According to police, the fake apps showed profits of Rs 1.52 crore on the Motilal app, Rs 6.93 crore on the Upstox app, and Rs 1.35 crore on the Canara Robeco app.
However, when Sasmal tried to withdraw funds, the gang demanded an additional Rs 91.63 lakh. Realizing the fraud, Sasmal filed a complaint on the NCCRP portal and later at the Navi Mumbai Cyber Police Station on September 11.
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Police Investigation Ongoing
"Efforts are underway to trace the unidentified cyber gang behind the scam," said police.
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