A retired scientist from the Bhabha Atomic Research Centre (BARC) in Mumbai has been defrauded of Rs 1.3 crore in an elaborate online stock trading scam orchestrated through a WhatsApp group. The fraudsters displayed fictitious profits amounting to several crores in the victim's trading account, and when he attempted to withdraw funds, his account was blocked. He was then informed that he needed to invest an additional Rs 82 lakh in an initial public offering (IPO) to reactivate the account, according to police.
How the Scam Unfolded
The complainant, a retired scientist-B residing in Govandi, filed a First Information Report (FIR) with the East region cyber cell. He was added to a WhatsApp group without his consent on April 30, 2026. The group was allegedly managed by individuals identifying themselves as Meera Iyer and others, using multiple Indian and foreign mobile numbers.
According to the police, Iyer shared a link to an application named “APLCHWM APP” through the WhatsApp group and persuaded the scientist to register on the platform. After registration, he was encouraged to invest in stock market trading with promises of substantial returns. Another individual, identifying himself as Vijay Kumar, allegedly reinforced the investment proposal through WhatsApp messages and guided him on investments.
Investment and Fictitious Profits
Believing the representations made by the accused, the victim transferred money to various bank accounts provided by them for purchasing shares. The app displayed his investments and reflected growing profits, which increased his confidence in the scheme. Between April 30 and June 10, 2026, the victim invested a total of Rs 1.3 crore. The application later showed a balance of Rs 1.38 crore, including purported profits.
Account Blocked and Additional Demand
However, when he attempted to withdraw the funds, his trading account was allegedly blocked. Upon contacting the accused, he was told that he would have to invest an additional Rs 82 lakh in an IPO to reactivate the account and withdraw his money. Suspecting fraud, the scientist approached the National Cyber Crime Reporting Portal and later filed a complaint with the East Division Cyber Police Station on June 16.
Police Investigation Underway
Police have registered a case against the unidentified operators of the WhatsApp group, the mobile number holders, the app operators, and the beneficiary bank account holders for allegedly cheating the complainant of Rs 1.3 crore. Investigations are currently underway to trace the fraudsters and recover the lost amount.
