​A 50-year-old woman from Mumbai’s western suburbs has reportedly lost ₹1.62 crore in an investment scam, as per a recent report by the Times of India . The victim, an independent consultant, encountered a link related to share trading while browsing social media in February. Upon clicking the link, she was added to a WhatsApp group named ‘Wealth Wizards’, which comprised 157 members, including individuals identifying themselves as a ‘trading advisor’ and a ‘professor’.​

Initially, the woman invested ₹50,000 and was allowed to withdraw an equivalent amount as profit, which bolstered her trust in the scheme. Subsequently, she invested a total of ₹1.62 crore. However, when she attempted to withdraw her funds through the associated app, her requests were denied, leading her to realize she had been defrauded. An FIR was registered by the North Cyber Police on April 2, and investigations are currently underway.​

This incident is part of a growing trend of online investment scams in India. For instance, a 54-year-old teacher from Thane district lost ₹66 lakh after being lured into a fraudulent investment scheme via social media . In another case, a 68-year-old retired professional from Nerul was duped of over ₹1.10 crore through an online share trading fraud conducted via WhatsApp .​

These cases underscore the importance of exercising caution when engaging with online investment opportunities, especially those encountered through unsolicited messages or social media platforms. Authorities advise individuals to verify the legitimacy of investment schemes and consult with financial experts before committing funds.​

Sources