Retired Mahim Doctor Loses ₹1.47 Crore in Online Share-Trading Scam

A retired doctor from Mahim has been cheated of ₹1.47 crore in an online share-trading scam after cyber fraudsters used a photo of Union Finance Minister Nirmala Sitharaman to gain his trust.

According to the police, the victim saw an advertisement on social media on October 1. The ad claimed that an investment of just ₹21,000 would guarantee profits of at least ₹60,000. The presence of the finance minister’s photo made the elderly man believe the scheme was genuine.

After he entered his basic details online, he received a WhatsApp call from a woman who identified herself as “Meenakshi”. She claimed to represent “UPSTOX SECURITIES” and offered to guide him in share trading. She asked him to create a trading account and follow her instructions.

The doctor was then added to two WhatsApp groups named “C23-Upstox Securities Online Customer Service” and “188 SBI Wealth Mindset Exchange Group”. In these groups, he could see several members posting screenshots showing large profits. This encouraged him to invest further.

He made his first deposit on October 5 and saw a small profit of ₹108 the next day. On October 18, “Meenakshi” convinced him to invest ₹5 lakh in an IPO of Rubicon Research Ltd. Over the next few weeks, he continued investing as per her instructions. By the end of the month, his trading account appeared to show a balance of ₹6 crore, including his principal investment of ₹1.47 crore.

However, when the victim tried to withdraw even a small amount, he was told he needed to pay ₹90 lakh as a “mandatory charge” before the funds could be released. When he questioned this, the woman stopped answering his calls, and his trading account suddenly disappeared.

Realizing he had been cheated, the doctor approached the Central Cyber Police Station in Mumbai. A case has been registered against unknown persons, and an investigation is underway.