An 83-year-old man from Dadar, Maharashtra, has become the latest victim of online financial fraud, losing a staggering Rs 1.2 crore to a fake stock trading platform. The retiree was reportedly lured into the scheme after clicking on an online advertisement that led him to believe he was investing through a legitimate and reputable financial institution.
The incident highlights the increasing sophistication of cybercriminals and the vulnerability of elderly individuals to online scams. According to reports, the man was targeted on May 2nd after encountering the advertisement. This ad directed him to a WhatsApp group that falsely promised to offer expert stock market investment tips. Deceived by the seemingly credible information and the prospect of high returns, the retiree invested Rs 1.2 crore over several weeks.
The WhatsApp group, which had 92 members, turned out to be a den of fraudsters who used the platform to gain the victim's trust and manipulate him into making substantial investments. Like many similar scams, the perpetrators likely created a sense of urgency and exclusivity to pressure the victim into acting quickly without proper verification.
Cyber police have registered a First Information Report (FIR) and have initiated investigations to trace the IP addresses of the fraudsters, gather call records, and track the digital and financial trails left behind by the perpetrators. Authorities are working to identify and apprehend those responsible for the scam, but no arrests have been made so far.
This incident is another in a string of online trading frauds targeting individuals in Maharashtra. In response to the rising number of cybercrimes, law enforcement agencies are urging the public to exercise extreme caution while making online investments and to verify the authenticity of financial schemes before transferring any funds. Individuals should be wary of unsolicited investment advice, especially from unknown sources online. It is crucial to independently verify the legitimacy of any investment platform or financial institution before entrusting them with their money.
Several similar incidents have been reported recently in Maharashtra, with fraudsters using various methods to deceive their victims. For example, in March 2025, a 66-year-old man from Thane lost over ₹47 lakh in an online share trading scam after being lured by promises of high returns. In another case, a 48-year-old man from Navi Mumbai lost Rs 1.36 crore to cybercriminals through a fake share trading scheme. These incidents underscore the urgent need for increased awareness and vigilance to protect individuals from falling victim to these types of scams.
The police recommend that individuals always double-check the credentials and registration of any financial advisor or firm before investing. They also advise being skeptical of investment opportunities that seem too good to be true, as these are often red flags for fraudulent schemes.
As technology advances, so do the methods used by cybercriminals. It is, therefore, imperative for individuals to stay informed about the latest scams and to take proactive steps to protect themselves from becoming victims of online fraud.
