A 21-year-old accountant from Mumbai has fallen victim to a sophisticated online share trading scam, losing ₹3.63 crore over a two-week period. The fraud unfolded between March 10 and March 25, 2025, when the victim was introduced to a WhatsApp group promoting high returns on investments. He was subsequently directed to a fake trading app where he made 24 transactions, including a significant ₹1.2 crore in a single day. The scam was reported to the police on April 24, leading to the freezing of 10 bank accounts linked to the perpetrators.

This incident highlights a concerning trend of cyber frauds targeting individuals across India. For instance, a 48-year-old businessman from Hyderabad was deceived into investing ₹2.6 crore in a similar scam involving a fake trading platform. The fraudsters gained his trust by posing as investment consultants and manipulated him into making multiple payments over several weeks.

Experts advise individuals to exercise caution when approached with unsolicited investment opportunities, especially those promising high returns with little risk. It’s crucial to verify the legitimacy of trading platforms and to avoid sharing personal financial information without thorough due diligence. Authorities continue to investigate these cases, aiming to apprehend those responsible for these fraudulent schemes.

Sources