Mumbai: Woman in Kandivali Duped of Rs 1.62 Crore in Cyber Fraud Under Pretext of Share Trading

In a shocking case of cyber fraud, a 50-year-old woman from Kandivali has been allegedly cheated of Rs 1.62 crore by four unidentified cyber fraudsters under the pretext of investment and share trading. The incident has come to light after the woman lodged a complaint with the North Regional Cyber Police, which has now registered a case under various sections of the BNS and the IT Act.

The complainant, a freelance consultant by profession, has been trading in shares for the past 10 years and is said to be well-versed in the field. On February 2, while browsing messages on social media, she came across a link related to share trading. Upon clicking, she was added to a WhatsApp group consisting of 157 members, where discussions and guidance regarding investments were being shared regularly.

After monitoring the group activity for about a week and conducting her own verification, she found that the company involved appeared to be registered with SEBI. Gaining confidence in the group’s authenticity, she responded to an invitation from the group admin to invest in share trading schemes that promised high returns.

She was asked to share her personal and bank account details for the investment. Believing the promises, the woman began investing through the group. Between February 2 and March 14, 2025, she invested approximately Rs 1.42 crore in various shares. To do so, she even availed loans.

Initially, she was shown positive returns and was assured of profit gains. However, when she tried to transfer a portion of the returns to her own bank account, the funds did not reflect. Upon enquiring, the group admin asked her to first transfer an additional amount to process the payout.

Trusting the claim, she transferred Rs 19 lakh more, but even then, her bank account did not receive any returns. When she confronted the group admin, a heated argument ensued. Sensing foul play, she contacted the official office of the said company, only to be informed that no account under her name existed with them. An employee also confirmed that she had been a victim of cyber fraud.

Realizing the gravity of the situation, the woman contacted the cyber helpline and subsequently lodged a formal complaint with the North Regional Cyber Police. Based on her complaint, a case has been registered against four unidentified persons for criminal conspiracy and fraud under relevant sections of the IT Act.

According to the police, the cyber gang defrauded the complainant of a total of Rs 1.62 crore under the guise of share trading. Efforts are underway to trace the bank accounts where the funds were transferred.