Fraudsters use fake stock tips and EPFO links to lure victims

Navi Mumbai, July 23, 2025

Two Navi Mumbai residents fell victim to cyber fraud in separate investment scams. Together, they lost a total of ₹2.5 crore. The victims include a 43-year-old businesswoman from CBD-Belapur and a 73-year-old retired man from Panvel.Cybercriminals targeted both victims using fake investment schemes, misleading stock tips, and bogus government portals. These scams highlight the growing menace of cyber fraud in Navi Mumbai. Criminals are luring unsuspecting citizens by promising high returns and using fake official platforms.

In the first case, a six-member gang tricked the businesswoman by promising substantial returns through stock market investments. They convinced her to invest in fictitious 5% upper circuit stocks, block investments, and IPOs.The scammers used a fake app called “Impy pro.” They tricked the woman into registering and then asked her to transfer ₹2.29 crore into multiple bank accounts they provided. Although the app showed notional profits, she was unable to withdraw any amount.

The second incident involved a 73-year-old man from Panvel who lost ₹31.8 lakh. Fraudsters posed as EPFO officials from New Delhi and contacted him via email. They promised high returns within 7–8 months if he invested through a fake government portal named “Payment of Dividend and Deposit Confirmation.” The senior citizen believed the offer and transferred the money. He later filed a complaint after discovering the portal and officials were fake.

Police officials said both cases are now under investigation. The cybercrime unit is working to trace the digital trail left by the fraudsters. These criminals often operate in well-organized rings across several states. Police have registered FIRs in both cases. Authorities are now examining bank transactions, IP addresses, and mobile app data to track down the culprits.

Cyber experts warn citizens to be vigilant when approached with unsolicited investment advice or too-good-to-be-true offers. “One should never transfer funds based on WhatsApp messages, unknown apps, or links claiming government affiliation without verification,” said a senior official from the Navi Mumbai Cyber Cell.

These two incidents underscore a worrying trend of digital investment scams, particularly targeting elderly and mid-career individuals seeking better financial returns. The use of fraudulent apps and mimicry of government schemes makes it increasingly difficult for victims to distinguish genuine offers from traps.

The police have reiterated that any mobile applications or investment platforms should be verified through government portals or known financial institutions before transactions. Public awareness campaigns are also being planned by local authorities to educate residents about the latest cyber fraud techniques.

Sources