Two Engineers Lose ₹5.41 Crore in Separate Online Trading Frauds in Navi Mumbai

Navi Mumbai: Two engineers from the city have lost a total of ₹5.41 crore in separate cyber fraud cases, where scammers posing as online trading experts tricked them through WhatsApp groups and fake investment platforms.

According to the Navi Mumbai Cyber Police, both cases involved fraudsters who lured victims with promises of high returns on stock market investments. The accused created WhatsApp groups and shared fake trading advice to build trust before asking victims to invest through fraudulent apps.

In the first case, a 49-year-old engineer from Nerul lost ₹2.73 crore between July 4 and October 31. The victim was added to a WhatsApp group called “Nuvama-24 Market Analysis Group.” Members of the group shared investment tips and claimed to offer insider market insights. The victim was then asked to download a fake trading app and transfer funds to multiple bank accounts.

“When the victim tried to withdraw his profits, the portal blocked the transaction and demanded a large processing fee. That’s when he realised it was a scam and filed a complaint,” said a police officer.

In the second case, a 62-year-old engineer from Kharghar was duped of ₹2.68 crore by another group that operated a fake trading app named “Share India.” The scammers, identified as Anju Mundhra and Suresh Kumar Arora, also sent forged investment statements to make the operation look genuine. From April to October this year, the victim transferred the money to various accounts as instructed.

“When his withdrawal requests were blocked and he was asked to pay extra to unlock his profits, he understood he had been cheated and approached the cyber police,” the officer added.

The police said both scams used cloned trading platforms, WhatsApp groups, and fake customer service channels to target victims across India.

Cases have been registered under Sections 318(4) (cheating), 319(2) (cheating by impersonation), 336(2) and (3) (forgery), and 3(5) (organised crime) of the Bharatiya Nyaya Sanhita, along with Section 66(D) (cheating by impersonation using computer resources) of the Information Technology Act.

The Navi Mumbai Cyber Police have urged citizens to be cautious of online investment offers and to verify trading platforms before making any transactions.