A 48-year-old man from Thane has reportedly lost ₹3.96 crore in a sophisticated online share trading fraud. This incident highlights the growing concern over cybercrimes targeting individuals with promises of high investment returns.
The victim, whose identity has not been released, was allegedly lured into the fraudulent scheme through online platforms. Scammers often use social media platforms like WhatsApp to contact potential victims, presenting themselves as experienced stock traders or financial experts. They entice individuals with assurances of significant profits through investments in schemes related to share trading.
In many of these scams, victims are added to WhatsApp groups where members share success stories and encourage others to invest. The perpetrators often provide weblinks that appear to show substantial profits, sometimes doubling the initial investment, to build trust and encourage further investment. However, when victims attempt to withdraw their purported earnings, they encounter obstacles such as requests for additional charges like "tax" or "service fees". Eventually, the scammers cease communication and block the victim, leaving them with significant financial losses.
Upon realizing they have been deceived, victims often file complaints with the police. Law enforcement agencies register cases under relevant sections of the Information Technology Act and launch investigations to track down the individuals behind the scam. These investigations often involve technical probes into WhatsApp numbers and bank accounts used in the fraud.
Authorities have repeatedly cautioned citizens to exercise vigilance when dealing with unknown individuals on social media or encountering unfamiliar online financial schemes. They advise individuals to verify the legitimacy of online trading portals and brokers before investing any money. Genuine trading companies do not typically operate through personal WhatsApp numbers or unofficial apps, and investors are urged to use only verified financial platforms.
Instances of online share trading fraud are on the rise, with numerous cases reported in Thane and other cities. In March 2025, a 66-year-old man from Thane lost over ₹47 lakh in a similar scam. In October 2025, a 60-year-old man from Kharegaon was duped of over ₹64 lakh. Other recent cases include a Thane businessman who lost ₹5 crore after meeting a fraudster in Dubai, and a 35-year-old cloth trader who was cheated of ₹1.9 crore.
Police Inspector Prakash W Rake from Thane cyber police station noted that numerous share trading fraud cases are registered every month. He emphasized that people are often lured by attractive returns and send money without verifying the legitimacy of the schemes or the individuals behind them. He also warned that recovering funds becomes difficult once they are transferred out of India and that raising awareness is crucial to prevent such scams.
