71-Year-Old Thane Man Falls Victim to Fake Share Trading App Scam, Loses ₹26 Lakhs

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A 71-year-old resident of Thane’s Charai area reported losing ₹25.88 lakh after being manipulated into participating in a fraudulent stock trading scheme through deceptive mobile applications and online groups, according to law enforcement authorities.

Incident Overview

The incident occurred between August 21 and September 3, with the victim allegedly deceived by promises of excessive returns on stock market investments. The complainant, Navalchand Punamchand Jain, stated that he was initially added to two online groups named “207-Infinity shakti” and “D1588 Prime Lab.” Members of these groups reportedly encouraged him to engage in share trading and directed him to download applications that displayed fabricated investment activity.

Fraudulent Platforms and Transactions

The platforms allegedly showed a purported profit of ₹2.14 crore, creating the illusion of substantial gains. Jain transferred a total of ₹25.88 lakh into bank accounts provided by the perpetrators. When he attempted to withdraw the funds, he was reportedly instructed to purchase additional shares worth ₹40 lakh before accessing his money. This demand raised suspicions, leading him to refuse further payments.

Discovery of Deception

Subsequently, the fraudsters removed him from the groups, prompting him to recognize the deception. The case underscores the tactics used by cybercriminals to exploit victims through虚假 financial platforms. These schemes often leverage inflated account balances and unrealistic return projections to encourage continuous fund transfers.

Investigation and Authorities’ Response

Following the discovery of the fraud, Jain filed a complaint with the Cyber Police Station of Thane City, Zone 1. Authorities have initiated an investigation into the transactions and the individuals associated with the fraudulent groups and applications. The probe will also examine the bank accounts where the funds were transferred. The investigation remains ongoing, with officials focusing on tracing the perpetrators and recovering the stolen assets.

Expert Advice and Precautions

The incident highlights the growing prevalence of cyber-enabled financial fraud, particularly targeting individuals unfamiliar with digital investment platforms. Cybersecurity experts advise caution when engaging with unsolicited investment opportunities and emphasize the importance of verifying the legitimacy of financial applications and groups before sharing sensitive information or transferring funds.

According to law enforcement authorities, the case serves as a critical reminder of the risks associated with unverified financial schemes and the need for heightened vigilance in digital transactions.