Mumbai Cyber Fraud Alert: 21-Year-Old Accountant Duped Of ₹3.63 Crore In Online Share Trading Scam

Mumbai: In one of the largest cyber frauds involving a young victim in Mumbai, a 21-year-old accountant and business partner at a private firm was duped of Rs 3.63 crore in a fake online share trading scam. The incident took place over just 15 days, between March 10 and March 25, with the victim making 24 separate transactions, as per reports. Shockingly, on a single day, March 21, he transferred Rs 1.2 crore through four transactions.

10 Suspect-Accounts Frozen By Cops

An FIR was registered on April 24 at the South Region Cyber Police Station, Grant Road, under charges including identity theft, impersonation, document forgery, cheating and criminal conspiracy under relevant sections of the IT Act and BNS. The investigation, led by Inspector Nandkumar Gopale, already made major progress with ten suspect-linked bank accounts frozen, according to a Times of India report.

How Did The Fraud Unfold?

The fraud began when a friend of the victim recommended a contact offering share market tips via WhatsApp. The victim independently searched for the number and found a link associated with it, leading him to a WhatsApp group. He joined the group and observed conversations where users discussed their so-called profits and posted screenshots of gains. After two days, he reached out to the group administrator, identified as Mira Acharya.

Acharya then directed him to another group and asked him to download an app, providing a login ID and password. Inside the app, he saw a virtual account bearing his name. The scammers then gave him bank details to which he initially sent Rs 100, and shortly after, he could see the credited amount in his virtual account, creating an illusion of legitimacy.

Lured by promises of lucrative IPO investments and impressive returns, the victim continued transferring large sums. However, trouble began when he requested a refund. The fraudsters responded by demanding more money under various pretexts, gave evasive answers, and eventually removed their group display picture before ceasing all communication.

Realising he had been conned, the victim approached the Mumbai Cyber Police. “The phone number given by his friend was found to be linked to a fraudster. The friend, too, had fallen victim to the same scam,” a police officer told TOI. Police are now working to trace the suspects behind this sophisticated cyber crime.

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