Online Advertisement Promised High Returns

A 68-year-old man from Mumbai has reportedly lost ₹11 crore in an online stock market investment scam. The victim came across a digital advertisement promoting unusually high returns from stock market trading. Enticed by the offer, he clicked on a link provided in the advertisement, which led him to a WhatsApp group managed by individuals posing as investment experts.

WhatsApp Group Used to Offer Fraudulent Investment Schemes

Upon joining the WhatsApp group, the elderly man was introduced to what was portrayed as a professional investment opportunity with guaranteed profits. The perpetrators, claiming to be financial consultants, provided investment advice and projected profitable returns over short periods. They encouraged the victim to invest in the stock market through their guidance and directed him to transfer funds to various bank accounts under the pretext of buying stocks and participating in market strategies.

Believing the scheme to be legitimate, the man made multiple transactions amounting to a total of ₹11 crore over a span of time. The scammers continued to assure him of increasing profits and induced further investments by showing fabricated account statements and returns.

Victim Realised Fraud After Facing Difficulty in Withdrawing Funds

The fraud came to light when the victim attempted to withdraw his supposed profits from the investment. He faced repeated delays and was asked to make additional payments under various pretexts, such as processing fees and tax clearances. After realising that he was unable to retrieve the invested money and that the operators had become unresponsive, he approached the police and filed a formal complaint.

FIR Registered, Investigation Underway

The police have registered a First Information Report (FIR) and initiated an investigation into the incident. Efforts are being made to identify those behind the scam and trace the flow of money. Preliminary information suggests that the money was transferred to a number of bank accounts potentially operated using forged documents or mule identities.

Authorities have also requested technical assistance to analyse the online communication and gather digital evidence from the WhatsApp group and associated websites. Cybercrime officials are now involved in the case.

Rising Cases of Online Financial Scams

This incident adds to a growing number of online financial frauds reported across India, particularly targeting elderly citizens and inexperienced investors. Scammers often use fake advertisements on social media, search engines, and messaging platforms to lure individuals into fraudulent investment schemes.

Police have urged citizens to remain cautious while engaging with online financial services and to verify the authenticity of any schemes before making monetary commitments. They have also advised the public not to rely on unknown sources on social media or messaging platforms for investment decisions.

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