Retired Banker from Wadala Cheated of ₹7 Lakh in Stock Market Cyber Fraud

A 72-year-old retired banker from Wadala, Mumbai, was cheated of ₹7 lakh by cyber fraudsters who lured him with promises of high returns from stock market investments through a fake mobile trading app.

The victim, identified as Sunder Mani Iyer, a resident of Bhakti Park, received a WhatsApp message on April 14, 2025, inviting him to join a group called “Zerodha Guest.” The group was run by a man named Jaykumar Verma, who claimed to be a financial expert with a PhD from Columbia University and 15 years of Wall Street experience.

After Iyer joined, the group was renamed “VIP A5 Indian Stock Market Frontier” and had around 100 members. Verma frequently shared trading tips and fake success stories from other members, claiming they had earned huge profits.

Soon after, Verma asked members to open trading accounts through a link to an app called m.Amansa.net, claiming it was associated with Amansa Capital, a legitimate investment firm registered with SEBI and the U.S. SEC. He even sent forged certificates to make the app look genuine.

Trusting Verma’s claims, Iyer transferred ₹7 lakh from his ICICI Bank account to several accounts across Jharkhand, Madhya Pradesh, and Uttar Pradesh, including ones in the names of S.B. Enterprises and Puja Enterprises.

However, when Iyer tried to withdraw his money on May 28, the app displayed a message saying, “Withdrawal needs approval.” When he contacted Verma, he was told that “head office approval” and “tax clearance” were required. Despite the app showing a balance of ₹9.48 lakh — including ₹2.48 lakh in supposed profits — Iyer never received any payment.

Realizing he had been cheated, Iyer filed a complaint through the National Cybercrime Reporting Portal.

Following an investigation, the Wadala Truck Terminal Police registered a case against five accused from Uttar Pradesh — Yash Arya (25), Himanshu Kamal Kishor Sharma (23), Yashpratap Sanjaypratap Singh (25), Himanshu Harendrasingh Chaudhary (22), and Awalok Vijay Kumar (25).

According to Assistant Police Inspector Amol Sawant, four of the accused have already been arrested in a similar cyber fraud case in Etawah, Uttar Pradesh, while one is still absconding.

The police have registered the case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act.

Authorities have urged citizens to be cautious about investment offers received through WhatsApp or Telegram groups and to verify trading platforms through official sources before making any transactions.