A 64-year-old man from Andheri, Mumbai, lost ₹53.6 lakh after being lured by fraudsters who mimicked the website of a reputable financial services company.

On March 25, the victim received a WhatsApp link leading to a fake portal.

He was added to a WhatsApp group, persuaded to share personal details (PAN), set an investment password, and link his bank account.

Over nearly six weeks, multiple transactions were made via a fraudulent trading app that displayed bogus profits.

On May 6, when he tried withdrawing funds, he was told to top up due to a “credit score” issue.

Realizing the deception when withdrawals were blocked and threats began, he reported the case to cyber police and an FIR has now been filed.

This is part of a growing pattern of WhatsApp-based fake-trading scams targeting older adults, where scammers build trust with virtual profits before blocking withdrawals and demanding additional fees.

sources