Man joins WhatsApp group, downloads trading app & loses Rs 1.29 crore; fraudsters demand another Rs 20 lakh to release his money

A 70-year-old man from Bhiwandi in Maharashtra's Thane district has allegedly lost Rs 1.29 crore to cyber fraudsters who lured him with promises of high returns on share market investments, a police official said on Saturday. The fraud took place between July 10 and October 30, when the senior citizen was added to a WhatsApp group named 'Finsol-Wings of Education Campaign 108 o A5 Vision Circle'. The group members allegedly persuaded him to download an online trading application called 'FINSOL', the official said.

How WhatsApp group lured 70-year-old into Rs 1.29 crore trading scam

Believing that the platform would generate lucrative returns, the man transferred a total of Rs 1,29,96,593 from multiple bank accounts to the trading platform, according to the police.

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However, when he attempted to withdraw his accumulated funds, the fraudsters allegedly demanded an additional Rs 20 lakh as a condition for releasing the money.

"Lured by the promise of lucrative returns, the senior citizen transferred Rs 1,29,96,593 from various bank accounts into the platform. However, when he tried to withdraw accumulated funds, he was asked to deposit a further Rs 20 lakh. He lodged a complaint after failing to get his money back," the official said.

Thane cyber police register case against FINSOL app operators

Following the complaint, a case was registered at the Cyber Police Station in Thane against the holders of the beneficiary bank accounts, creators of the FINSOL trading application, administrators of the WhatsApp group, advertisers and financial service providers allegedly involved in the fraud.

The FIR names Ananya Kulkarni and Gul Tekchandani, along with several WhatsApp group administrators operating through different mobile numbers, the official said.

No arrests made in Rs 1.29 crore online investment fraud case

Police have not made any arrests in connection with the case so far, the official added. The incident is another instance of cyber criminals allegedly using online investment platforms and WhatsApp groups to attract people with promises of unusually high returns before demanding additional payments when victims attempt to withdraw their money.


Inputs from PTI