Mumbai: High Court Lawyer Falls Victim to Cyber Fraud, Loses Rs 1.5 Crore in Fake Stock Trading Scheme

A 52-year-old lawyer practicing in the High Court has fallen victim to a cyber scam, losing ₹1.5 crore after being lured with promises of substantial returns through stock trading. The Cyber Police have registered a case under the Information Technology Act and are investigating the matter.

The lawyer, a resident of Khar, was contacted on July 13, 2024, with an offer to earn significant profits through share trading. He was added to a WhatsApp group called "Securities," allegedly managed from the United States. According to the complaint, after clicking a link shared in the group, he was moved to a VIP WhatsApp group where investment advice was provided.

Initially, the lawyer invested a small amount and saw positive returns, which encouraged him to trust the scheme. As his confidence grew, the fraudsters convinced him to download an app named "BVE" for more investments. Through this app, he began investing larger sums under the guidance of a so-called customer service assistant, who directed him to transfer funds to multiple bank accounts.

Over time, the lawyer invested ₹1.58 crore. The app displayed a profit of ₹4 crore, prompting him to withdraw his earnings. However, his withdrawal request was denied. Upon contacting the customer service representative, he was told that the amount would be released only after paying additional taxes. Despite paying the taxes, the funds were not transferred. Shortly after, he was removed from the WhatsApp group.

Realizing the scam, the lawyer filed a complaint with the Cyber Police. Investigators have registered the case and are tracking the cybercriminals involved. Efforts are underway to identify the perpetrators through banking transactions and digital footprints.

Further updates are awaited as the investigation progresses.