A 70-year-old retired man from Mulund has been defrauded of his entire life savings, amounting to a staggering Rs 1.24 crore, in a sophisticated cyber fraud that began with a promise of 30% profit in share trading. The scam, orchestrated over WhatsApp, has left the senior citizen financially devastated and highlights the growing menace of online financial frauds targeting vulnerable individuals.
The Lure of Quick Profits on Social Media
The victim, a resident of Navghar in Mulund (East), had retired from a pharmaceuticals company back in 2016. According to the police complaint, the incident began on August 22 when he was watching reels on Facebook. An advertisement promoting investments in the stock market caught his eye. Intrigued, he clicked on the link provided to get more information and even updated his KYC details online.
Within minutes, he received a call from an unknown number. The caller, who introduced himself as Ayaan, claimed to be a financial advisor with a company called Finadexa.com. Ayaan offered training on stock market trading and guided the senior on which companies to invest in for high returns. Convinced by the promise of substantial profits, the victim agreed to proceed.
The Trap of the Virtual Trading Account
Following Ayaan's instructions, a virtual trading account was opened for the victim. From August 22 to November 21, the retired man began transferring money through RTGS to various bank accounts provided by the fraudster. In total, he conducted 30 transactions, draining his savings from four different bank accounts—three with private banks and one with a public sector bank.
The scam reached its climax when the victim, after investing his entire savings of Rs 1.24 crore, saw a purported profit of Rs 85 lakh displayed on the trading webpage. However, when he attempted to withdraw the amount, the system blocked him. Upon contacting Ayaan, he was told that to withdraw his profits, he needed to invest an additional Rs 1.7 crore. This outrageous demand finally triggered his suspicion.
Realisation and Police Action
Alarmed, the victim consulted his relatives and friends, who confirmed his fears that he had fallen prey to a large-scale online cheating racket. He subsequently approached the East Cyber Police Station in Mumbai and filed a formal complaint. The senior provided the police with all evidence, including detailed bank transaction records and the entire WhatsApp conversation with the fraudsters.
The police verified the facts and have registered a case against four unknown persons under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. An investigation is currently underway to trace the accused and the trail of the siphoned funds.
This distressing case serves as a critical warning for all citizens, especially seniors, to exercise extreme caution with unsolicited investment offers on social media and messaging platforms. Experts advise never to share personal or financial details with unknown entities and to verify the legitimacy of any investment platform through official channels before transferring funds.
