A woman from Nahur, Mumbai, fell victim to an online trading scam over four days, which cost her over ₹3.86 lakh after being lured into a Telegram-based investment group, according to a police report. The group presented itself as a stock market trading platform, with members posing as mentors promising guaranteed returns.
The scam began with small trial trades of Rs. 120 and Rs. 200. The perpetrators shared fabricated profit screenshots to gain her confidence. Encouraged by the apparent gains, the woman transferred larger sums between December 22 and 25 using multiple UPI IDs and bank accounts shared by the scammers. When her profits stopped showing, and withdrawal requests went unanswered, she contacted authorities.
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Police investigations have traced 11 bank accounts, and UPI was allegedly used to siphon off the funds. The total loss was broken down into three stages: Rs. 93,700 in initial small transactions, Rs. 1,93,130 in the second stage, and Rs. 1,00,000 in the final larger transfer. An FIR has been registered under the Information Technology Act, and the relevant provisions of the Bharatiya Nyaya Sanhita (BNS), and further investigation is ongoing.
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Warnings from Authorities
Investigators noted that these scams often appear as legitimate investment communities, with scammers impersonating SEBI-registered advisors or foreign investors. They may ask users to download apps that mimic real trading platforms. Victims believe they are investing in actual stocks or IPOs, but the apps vanish when withdrawal is attempted. Despite repeated alerts from SEBI and law enforcement, such scams continue to target individuals, including experienced investors.
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Police Advisory
Authorities have urged citizens to exercise caution when dealing with trading tips or investment offers on Telegram, WhatsApp, or social media. Key warnings include:
- Avoid platforms promising guaranteed profits.
- Confirm that brokers or trading platforms are registered with SEBI.
- Do not rely solely on screenshots of profits or testimonials.
- Refrain from transferring money to multiple or personal accounts.
- Report cyber fraud immediately to improve recovery chances.
Citizens can reach cybercrime helplines by dialling 1930 or filing complaints online at cybercrime.gov.in.
