Two retired professionals in Mumbai have allegedly lost nearly ₹4 crore in separate online stock market investment frauds, highlighting the growing threat of cyber-enabled financial scams targeting senior citizens. The cases have been registered at the West Cyber Police Station in Bandra, and investigations are underway.
According to police officials, the victims, aged 64 and 78, were persuaded to invest through fraudulent online trading platforms that displayed fabricated profits and simulated market activity to appear legitimate.
In the first case, a 64-year-old retired banking operations manager from a technology company reportedly lost ₹2.53 crore. Police said he came across an investment advertisement on YouTube and was directed to a professional-looking website where he registered his details.
Shortly after, he was contacted by a person identifying himself as Asad Ali, who claimed to represent the investment firm. The victim was initially asked to make a registration payment of USD 200 and was later guided through multiple investment transactions. To build confidence, the fraudsters reportedly showed small returns, including a credit of ₹4,549. Encouraged by the apparent profits, he completed 41 transactions totaling ₹2.53 crore.
The platform eventually displayed profits of nearly USD 7 lakh, equivalent to around ₹6.3 crore. However, when he attempted to withdraw the funds, the system generated repeated errors and access to the platform was blocked.
In the second case, a 78-year-old retired manager of a foreign fertilizer company allegedly lost ₹1.42 crore between December 2025 and May 8, 2026. Police said he was approached by a woman identifying herself as Anjali Krishnan, who promoted an investment opportunity promising high returns.
The victim was guided by several individuals posing as company representatives and completed 19 transactions totaling ₹1.42 crore. The platform showed fake profits of ₹3.3 crore and even allowed a partial withdrawal of ₹2.65 lakh to gain his trust. Subsequent withdrawal attempts failed, and he was later informed that the platform had shut down.
Investigators believe both cases followed a similar pattern involving cloned trading websites, fake profit dashboards, psychological manipulation, and layered financial transactions designed to avoid detection. Authorities are tracing digital footprints, banking trails, and communication networks linked to the accused.
Police have urged citizens, especially senior citizens, to verify investment opportunities through official regulatory channels and remain cautious of unsolicited offers received through social media, messaging apps, and online advertisements.
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