Mumbai Businessman Loses ₹2.3 Crore in Online Trading Scam Using Fraud Apps
Date: 13-may-2025 | By: Nuztrend Team
Retired Mumbai Businessman Loses ₹2.3 Crore in Online Trading Scam
In a disturbing case of online financial fraud, a 62-year-old retired businessman from Mumbai was cheated out of ₹2.3 crore through a fake online trading scheme. The scam involved fraudulent mobile applications, deceptive trading groups on WhatsApp, and fabricated profit dashboards designed to build trust before vanishing with the victim’s money.
How the Fraud Was Executed
The victim was reportedly added to a WhatsApp group by a "financial advisor" who introduced him to a trading app that promised high daily returns. Initially, the app showed small profits, convincing the businessman to invest increasingly larger sums. Over several months, he transferred a total of ₹2.3 crore.
But when he attempted to withdraw his profits, the app froze, and the group chats were deleted. He was locked out of the system, and all communication ceased.
Police Investigation and Digital Trail
The Mumbai Cyber Crime Cell has registered an FIR and begun tracing the IP addresses and UPI transactions linked to the fraudulent app. Officials believe the perpetrators may be part of an organized international network using fake identities and masked servers.
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The case has been forwarded to the Ministry of Home Affairs for wider scrutiny, and alerts are being prepared for public awareness by digital safety agencies.
What You Should Know to Stay Safe
In light of this alarming case, here are essential safety tips for anyone considering online investments:
- Only invest through SEBI-registered trading platforms and verify licenses on official government portals.
- Ignore unsolicited investment messages or WhatsApp groups that promise fast profits.
- Use 2-factor authentication and never share your OTP, passwords, or UPI PIN with anyone.
- Cross-check company names with SEBI’s investor grievance portal.
- If something feels too good to be true, it probably is. Trust your instincts and consult a certified advisor.
Public Advisory
This case serves as a sobering reminder that financial fraud is no longer limited to phishing emails or calls—it’s now embedded in smart-looking apps and social media groups. Share this article to spread awareness and protect others from falling into similar traps.
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