Mumbai: Cybercriminals defrauded a woman of Rs 1.67 crore by promising her share trade earnings.
Between February 2 and March 14 of this year, the woman, a freelance consultant residing in Kandivali East's Lokhandwala Complex, was tricked.
A 50-year-old woman was defrauded of Rs 1.67 crore by online scammers who promised her large profits from share trading and initial public offerings (IPOs), according to a police officer on Thursday, according to news agency PTI.
He stated that the woman, a freelance consultant residing in Kandivali East's Lokhandwala Complex, was tricked between February 2 and March 14 of this year.
"A case was filed against four unnamed scammers when she went to the North Region Cyber Police Station on Wednesday and filed a report. The woman has admitted to authorities that she uses Instagram and other social media sites frequently. He claimed that she received a share trading advertisement on Instagram on February 2 along with a link, according to PTI.
"She joined a WhatsApp group after clicking the link. The defendant stated that they were employed by a TradeSmart business that engaged in IPO subscriptions, share trading, and block trading. After depositing Rs 1.67 crore, she discovered she had been duped. According to PTI, he stated, "A case was filed under the Bharatiya Nyaya Sanhita and Information Technology Act."
In Thane district, investors were defrauded of Rs 1.23 cr in share trading fraud; three were arrested.
In another case, police claimed Friday that a 60-year-old man and eight other people from the Thane region of Maharashtra allegedly lost Rs 1.23 crore to scammers who enticed them to invest in share trading by promising them large profits, according to PTI.
According to an official, the police have filed a case against three individuals in accordance with sections 318(4) (cheating), 316(2) (criminal breach of trust), and other pertinent provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act and the Bharatiya Nyaya Sanhita (BNS) following a complaint.
The police claim that the scam took place between November 2023 and March 2025.
Aniket Muzumdar (35), Sandesh Joshi (43), and Sanket Joshi (36), all Dombivli residents, were accused of operating an investment advising business and holding share market training sessions, according to the official, who spoke to PTI.
According to him, the trio enticed victims with the promise of large and guaranteed returns from well-timed stock market investments.
"The accused projected themselves as experts and built trust among the victims by conducting formal training and offering professional advice," the source told PTI.
He claimed that after the victims deposited a total of Rs 1.23 crore, the accused reportedly dodged their calls and provided evasive answers when they began to demand returns or the reimbursement of their original payments.
According to the official, an inquiry is in progress to track down the accused and retrieve the money that was scammed, but more victims may surface as a result of the probe.
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