Mumbai Police have arrested two individuals for their alleged involvement in a ₹1.5 crore investment fraud targeting a 68-year-old retired bank manager from Navi Mumbai. The accused include a former manager at a life insurance provider and an employee of a private bank.
The complainant was allegedly duped after coming across a Facebook video purportedly featuring Union Finance Minister Nirmala Sitharaman. The video promised returns of ₹30 lakh within a month on an investment of just ₹22,000.
According to the complaint, the victim clicked on a link accompanying the video and submitted his personal details. He subsequently received calls from multiple international numbers, with one caller introducing himself as a representative of an online trading platform named Savexa.
The caller allegedly persuaded him to invest in foreign crude oil trading, claiming that the Iran-US conflict presented an opportunity to earn substantial profits. The victim was also asked to share his Aadhaar and PAN card details through a website.
The complainant initially transferred ₹20,621, followed by another ₹10 lakh after receiving a call from a person identified as Zain, who allegedly claimed to be an investment fund manager. The accused reportedly continued contacting him and encouraged further transfers by promising higher returns.
Between April 8 and June 19, the victim transferred a total of ₹1.5 crore, according to the complaint.
The arrested individuals have been identified as Shweta Vikal Gupta, 41, who is employed with a life insurance provider, and Yogesh Vivekananda Desai, 46, a private bank employee residing in Bhandup West.
The case highlights how fraudulent investment schemes exploit social media advertisements, impersonation and promises of unusually high returns to target unsuspecting investors. Police are investigating the alleged fraud and the roles played by the accused.
