Two held for duping elderly doctor of Rs 25 lakh on pretext of investing in share trading scheme

The West Cyber Cell of the Mumbai Police has successfully apprehended two individuals in a significant cyber fraud case, where a 79-year-old doctor from Powai was allegedly defrauded of ₹25 lakh under the guise of a stock market investment scheme.

Arrest and Modus Operandi

The accused, identified as Richard Rao and Prashant Chaudhary, were arrested from the Dombivli area on Sunday.

According to officials, both suspects had facilitated the main fraudster by providing multiple bank accounts to receive the victim’s funds.

"Once Rao and Chaudhary received the money, they withdrew it, kept their commission, and passed the remaining amount to the main fraudster," a police officer confirmed.

Details of the Fraud

The victim, who resides in the Hiranandani area of Powai and also owns a private firm, reportedly received a WhatsApp promotional message on July 17. The message promoted share trading and lured him into a WhatsApp group that displayed fake profit screenshots from other supposed investors.

Within two to three days, the group admin contacted him directly, urging him to invest in specific stocks, claiming they would generate high profits.

Trusting the scheme, the victim shared his personal documents, and a virtual trading account was created in his name. Over the course of a week, he invested ₹25 lakh, while the platform continuously displayed impressive profits.

However, the deception became apparent when he attempted to withdraw his funds — only to be told to invest more. His suspicions grew, and shortly after, he was blocked, and his virtual account vanished.

Investigation and Arrest

Following this, the doctor approached the Cyber Police Station in the first week of August to lodge a complaint. Investigators analyzed transaction details, which led them to trace and arrest the two accused from Dombivli.

A further investigation into the case is currently underway.

    Key Highlights:

• Crime: ₹25 lakh cyber fraud via fake stock trading platform

• Victim: 79-year-old doctor from Powai

• Medium: WhatsApp promotional messages and fake trading account

• Accused: Richard Rao and Prashant Chaudhary

• Action: Arrested by Mumbai Police's Cyber Cell

• Status: Investigation ongoing

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