​A Mumbai-based businessman from Bhandup has reportedly lost ₹35 lakh in a sophisticated share trading scam, as per a report by the Times of India. The incident began on January 9, 2025, when the victim encountered a Facebook advertisement promoting “bear trading.” Upon clicking the link, he was redirected to a WhatsApp group managed by an individual named Suraksha. This group, comprising approximately 130 members, actively discussed share trading strategies and showcased screenshots of purported profits, which persuaded the businessman to invest. He was directed to use a fraudulent app named ‘Market’ for his investments. Eventually, he realized he had been defrauded and subsequently filed a complaint with the East Division Cyber Police Station in Mumbai .

This case is part of a broader trend of online share trading scams in India. For instance, in Pune, five cases of cyber fraud amounting to ₹35 lakh were reported, involving promises of high returns through share trading and IPL betting . Similarly, a techie from Pune lost ₹91.41 lakh over two months to cybercriminals via a fake online share trading app .​

Authorities advise the public to exercise caution when engaging in online financial activities. It’s crucial to verify the authenticity of investment platforms and be wary of unsolicited offers promising high returns. If you suspect fraudulent activity, report it immediately to the cybercrime helpline at 1930 or visit the National Cyber Crime Reporting Portal at cybercrime.gov.in.

Sources