Mumbai: An 87-year-old retired Central government officer from Mumbai allegedly lost ₹5.10 crore after fraudsters posing as representatives of a Switzerland-based wealth management firm lured him into a fake share investment scheme.
The fraud began in July when the man, a resident of Malad who regularly invested in the stock market, received a call from a woman identifying herself as Sonal Naik. She claimed to represent a Swiss investment firm and offered him an opportunity to invest in the share market.
He was subsequently added to a WhatsApp group that was presented as a group for high-net-worth investors. According to police, members of the group regularly discussed investments and shared messages and screenshots claiming to have earned substantial profits, making the scheme appear genuine.
The victim was then asked to fill out forms and download a mobile application through a link provided by the fraudsters. The app displayed his investments along with increasing returns, encouraging him to put in more money.
Between July 21 and September 27, he transferred a total of ₹5.10 crore through 43 online transactions to bank accounts provided by the accused.
The app eventually showed that his investment had grown to around ₹32 crore. Believing the returns were genuine, the man tried to withdraw part of the amount. However, the alleged fraudsters told him that he first had to pay a 10% commission. They later demanded additional payments in the name of taxes and other charges.
When the victim asked them to deduct the charges from the amount displayed in the app, they refused. This raised his suspicion, following which he contacted the cyber police and lodged a complaint.
The North Region Cyber Police have registered a case against unidentified persons for alleged cheating, forgery and personation under the Bharatiya Nyaya Sanhita, along with relevant provisions of the Information Technology Act. Police are now investigating the bank accounts used to receive the money and the identities of those behind the scheme.
Reader’s Note: Fraudsters often use fake investment platforms, WhatsApp groups and fabricated profit figures to make investment schemes appear legitimate. Investors should independently verify the company, app and bank details before transferring money, especially when unusually high returns are promised.
