In a distressing case highlighting the perils of digital deception, a 63-year-old retired banker from Mumbai has been defrauded of a staggering Rs 1.35 crore in an elaborate online investment scam. The fraud, which involved fictitious initial public offerings (IPOs), call options, and mutual fund schemes, was promoted through social media platforms, ensnaring the victim with promises of extravagant returns.
The Deceptive Lure: From YouTube Ad to WhatsApp Group
The incident came to light after the victim, a former bank employee who retired in 2022 and resides in Kanjurmarg (West), filed a formal complaint. According to the police report, the sequence of events began on November 10, when the complainant encountered a YouTube advertisement related to share trading and IPO investments. The ad claimed to be run by an entity named "Jainam Broking Limited."
Upon clicking the advertisement, her mobile number was automatically added to a WhatsApp group called "121 Community Hub Jainam." Inside the group, administrators posing as company representatives made tantalizing offers. They promised weekly payouts of Rs 5,000 to Rs 10,000 for simple tasks like voting support, guaranteed 10 percent returns on call options, and even an unbelievable 10 percent daily return on mutual fund investments.
The Trap Springs: Fake App and Illusory Profits
To participate in these "lucrative" opportunities, the victim was instructed to download a mobile application named "JAINVEHNI." She was then asked to transfer funds to various bank accounts provided by a person claiming to be a customer support executive. Trusting the setup, she made an initial investment of Rs 80,000.
The application displayed fake profits, creating a convincing illusion of a successful investment portfolio. Encouraged by these fabricated gains, the retired banker invested more substantial amounts into what she believed were IPOs, call options, and mutual funds. Her trust was seemingly validated on one occasion when she successfully withdrew Rs 2.01 lakh from the platform.
The Final Sting and Police Action
The scam reached its cruel climax on December 11, 2025. The app suddenly showed her account balance balloon to Rs 3.5 crore, which later inflated to over Rs 10 crore. The fraudsters claimed this was due to a "loan" credited to her account. However, when she attempted to withdraw Rs 70 lakh, they demanded she first repay a non-existent loan, which they first quoted as Rs 1.5 crore and then shockingly raised to Rs 15 crore.
Realizing she had been thoroughly deceived, the victim contacted the Cyber Crime Helpline 1930. The East Region Cyber police have registered an offence against unknown fraudsters and are actively investigating the money trail. Authorities are scrutinizing the roles of the WhatsApp group administrators, the handlers of the "JAINVEHNI" app, and the beneficiary bank accounts used to siphon off the massive sum.
This case serves as a stark warning, especially for senior citizens and those new to online investing. It underscores the sophisticated methods used by cybercriminals who exploit popular platforms like YouTube and WhatsApp to lend credibility to their schemes. Police advise the public to exercise extreme caution, verify the legitimacy of any investment platform through official channels, and never transfer money to unverified accounts based on unsolicited offers.
