Mumbai woman loses Rs 8 crore to online stock scam over two months after WhatsApp message

A 62-year-old housewife from Bandra, Mumbai, has lost nearly Rs 8 crore to a cyber scam promising high returns through stock market investments. The fraud, which took place over two months, began with a WhatsApp message from someone pretending to represent a reputed financial company.

Scam started with WhatsApp contact

The woman received a message from an unknown number claiming to offer investment advice. The sender introduced her to a “senior officer” and directed her to a website link. She was also added to a WhatsApp group where another person, claiming to be part of the same company, provided regular updates.

All the individuals appeared professional, which built trust. She then started transferring money to various bank accounts as advised. According to PTI, she sent a total of ₹7.88 crore over time.

10% more demanded to release funds

When she tried to withdraw her investments, the fraudsters asked her to pay 10% more of the invested amount. This raised doubts, and she realised it was a scam. She filed a complaint on the national cybercrime reporting portal. Police have now registered a case and launched an investigation.

Similar frauds across India

Cyber scams offering fake stock market profits are becoming common across the country. In two other recent cases, victims lost crores of rupees in similar WhatsApp-based frauds.

Bengaluru student duped of ₹3.7 crore

In May, a 19-year-old engineering student from Yelahanka, Bengaluru, lost ₹3.7 crore after being lured by a Facebook advertisement offering high returns. He joined a WhatsApp group called ‘Wealth Architects’ run by people posing as representatives from ‘Rockefeller Capital’.

The group shared fake profit screenshots to build credibility. The student started by investing small amounts and receiving fake returns. Encouraged by this, he opened a demat account using a fake link and continued investing. His parents also contributed after seeing supposed profits. The money was sent to 11 different bank accounts.

Faridabad woman scammed of ₹7.59 crore

In another case, a woman from Faridabad lost ₹7.59 crore after responding to a Facebook advertisement. She joined a WhatsApp group named “ICICI IR Team (57)” and was instructed to install apps like IC ORGAN MAX and Techstars.shop, which were not genuine.

Following their instructions, she sent money to several bank accounts expecting high returns. All instructions and promised profits were fake. The entire scheme was run by cyber fraudsters.

Work-from-home scam: Four arrested for cheating Delhi man

In a separate case, Delhi Police arrested four individuals involved in a work-from-home scam that cheated a man of more than ₹17 lakh. The victim was lured through messages promising easy income for simple online tasks. After completing some initial assignments and receiving small payments, he was asked to invest more money to access higher-paying jobs. Believing the offer was genuine, he continued transferring funds. When the promised returns stopped, he approached the police. Investigators traced the fraud to a group operating from multiple locations and arrested four people connected to the scheme.

Police urge citizens to remain cautious

Authorities have urged citizens to remain cautious about investment offers received through social media and messaging apps. Complaints can be reported through the cybercrime portal (www.cybercrime.gov.in), and investigations are ongoing in all three cases.