A 54-year-old Panvel resident, Amrendranath Sasmal, lost ₹2.9 crore after falling prey to a cyber gang that lured him with fake stock market investment apps and manipulated WhatsApp groups. The Navi Mumbai Cyber Police have registered a case under cheating and the Information Technology Act, and investigations are ongoing to trace the perpetrators.
The scam began on July 20 when Sasmal was added to a WhatsApp group named Motilal Oswal Securities, which appeared authentic and shared market tips and financial jargon. The group administrator, a woman identifying herself as Ananya Mehta, along with two others posing as financial advisors, persuaded Sasmal to invest in IPOs and block trading.
To build trust, the gang had Sasmal download three fraudulent apps named Morais, Upstox Securities, and Canara Robeco. These apps mimicked real trading platforms, showing rising balances and fake profits. Believing he was earning significant returns, Sasmal transferred ₹2.9 crore from his and his wife’s accounts into multiple accounts controlled by the scammers between May 16 and July 8. The fake apps displayed fictitious profits of ₹1.52 crore on the Motilal platform, ₹6.93 crore on the Upstox clone, and ₹1.35 crore on the Canara Robeco app.
The fraud was exposed when Sasmal tried to withdraw his funds. The scammers demanded an additional ₹91.63 lakh as a precondition for release, raising his suspicions. He immediately reported the case on the National Cyber Crime Reporting Portal and lodged a complaint at the Navi Mumbai Cyber Police Station on September 11.
Authorities are now investigating multiple bank accounts used by the gang and analyzing digital traces left by the fraudsters. A Navi Mumbai Cyber Police official said, “Efforts are underway to trace the cyber gang behind the fraud.”
Experts warn that such scams are becoming more sophisticated, exploiting the popularity of trading apps and social media. Cybercrime specialists advise investors to verify apps through official stores, cross-check company credentials, and avoid financial dealings initiated through unsolicited WhatsApp groups.
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