Mumbai CA Duped of Rs 97.24 Lakh in Online Share Trading Scam Promoted via WhatsApp

In a shocking case of online financial fraud, a 57-year-old Chartered Accountant (CA) from Mulund East, Mumbai has alleged that he was duped of a staggering Rs 97.24 lakh through a fraudulent share trading app named "R Gara" promoted via WhatsApp.

As per the complaint filed with the East Cyber Police Station, the victim and his family have been residing in Mulund East for the past 30 years. He earns his livelihood through a private CA practice. 

The complainant mentioned that he holds savings accounts with the State Bank of India (SBI), Hari Om Nagar branch, for himself and his son. The mobile numbers linked to these accounts were also associated with WhatsApp, which eventually led to the fraud.

On 4 October 2024, while checking WhatsApp messages, the victim came across a group named “Practice Proves Truth, R Gara” via an app link (app.kerieds.com). The group, which discussed share trading, had around 80–85 members and actively posted messages related to share market strategies.

The group administrators were identified as Arjun Hinduja, Ishani Mehta, Sneha Bansal, and representatives from “H18 RBL Customer Service Center”. Hinduja portrayed himself as a professor offering share trading lessons, while Mehta guided members on buying and selling shares.

After expressing interest in bear trading, the victim was added to another group named “VIP,” where further trading advice and investment strategies were shared. On Ishani Mehta’s instructions, he downloaded the “R Gara” app from the app store and registered using his mobile number. He was then guided to deposit investment amounts into bank accounts provided by the group’s so-called customer care.

Seeing impressive profits reflected within the app, the victim trusted the process and made multiple fund transfers from his bank accounts. Between 4 and 29 October 2024, he invested a total of Rs 97,24,500.

Encouraged by apparent profits, the victim continued investing as instructed. Later, he was advised to purchase IPOs for higher returns. However, upon refusing due to the large sum required, he was told he would not be able to withdraw his earlier investments. This raised suspicion.

Eventually realizing that the app was fake and the promised profits were fabricated, the victim reported the matter to the East Cyber Police Station on 14 February 2025. An earlier online complaint was also registered on 5 January 2025 via the national cybercrime portal, with acknowledgment number.

The complaint alleges that the accused gained the victim's trust by showing fake profits, using fake accounts, and making promises of high returns, thereby orchestrating a well-planned online fraud amounting to Rs 97.24 lakh.

Police have initiated a probe into the matter, and further investigation is underway.