Mumbai-Based IT Officer Duped Of Rs. 91.67 Lakh In New Cyber Investment Scam: Report

In a fresh case of cyber fraud, a 46-year-old Mumbai-based IT official has been duped of a staggering Rs. 91.67 lakh in an online investment scam. A case has been registered and cyber police are currently investigating the matter. The culprits behind the fraud remain unidentified.

According to the victim, the entire ordeal began after she came across videos of finance influencer Rachana Ranade on social media. These videos allegedly promoted lucrative investment opportunities through a link shared in the post. After clicking the link, the victim was added to a WhatsApp group, Hindustan Times reports, where several users appeared to be making significant profits through similar investments.

The group regularly shared investment tips and encouraged newcomers to participate. On reaching out to the group admin, the victim was reportedly sent a link to download a mobile app, suspiciously named after a well-known multinational bank. Initially, she invested a small amount and received a 15 percent return almost immediately. To add credibility, the scammers provided fake acknowledgements from the Securities and Exchange Board of India (SEBI) and even credited profits to her bank account, making the entire process look legitimate.

Encouraged by the early returns, she proceeded to invest multiple times, transferring a total of Rs. 57.67 lakh to various bank accounts. The app reflected a growing profit, eventually showing a whopping Rs. 4 crore in returns. However, when she tried to withdraw the amount on June 3, she was asked to pay Rs. 34 lakh as a service charge and an additional Rs. 40 lakh as a security deposit.

Even after making these payments, no money was credited back to her. It was then that she realised she had fallen prey to a meticulously planned scam, losing a total of Rs. 91.67 lakh. The police have registered a case and launched an investigation, the report confirms.