Bank Officer Duped of Rs 3 Lakh in ‘Money Quadrupling’ Online Scam in Mumbai

Mumbai , 6th June 2026 : A 28-year-old bank officer from Mumbai’s Kurar Village area fell victim to an online investment scam and lost nearly Rs 3 lakh after fraudsters lured him with promises of multiplying his money within minutes.

According to police, the victim, identified as Rakesh, works as an officer with a leading private bank and resides in the Kurar Village locality of Malad. The incident began on May 25 when he received a message on Telegram from a woman identifying herself as “Riya Thakur.”

The message claimed that any amount invested would be returned at four times its value within 45 minutes. Curious about the offer, the bank officer clicked on a link provided in the message, which redirected him to a WhatsApp conversation with the alleged investment operators.

The scammers informed him that an investment of Rs 5,000 would yield a return of Rs 20,000 within 45 minutes and shared a QR code for payment. Trusting the claim, he transferred the amount and waited for the promised return.

When no money was credited after the stipulated time, he contacted the individuals, who told him that a server issue had delayed the transaction and assured him that the amount would be credited the following morning.

The next day, the fraudsters informed him that his supposed earnings had increased to Rs 69,000. However, they claimed that he would first need to pay Rs 12,521 as a processing charge to release the amount. Believing the explanation, the victim transferred the additional money.

The scammers then continued to demand further payments under various pretexts, including taxes, verification fees, and other charges, while repeatedly claiming that the investment returns had increased. Convinced that he was on the verge of receiving a substantial payout, the bank officer kept sending money.

After transferring nearly Rs 3 lakh and still not receiving any returns, he realised that he had been deceived. He subsequently approached the police and lodged a complaint.

Police have registered a case and launched an investigation into the cyber fraud. Officials have once again urged citizens to remain cautious of investment schemes that promise unusually high returns in a short period, warning that such offers are often designed to trap unsuspecting victims.

Authorities have advised people to verify the authenticity of investment platforms before transferring money and to avoid responding to unsolicited messages received through social media and messaging applications.