Mumbai: Andheri Insurance Professional Loses Rs 5.70 Crore in Online Share Trading Scam
Mumbai, 25th December 2024: A 53-year-old insurance professional from Andheri fell victim to a cyber fraud, losing ₹5.70 crore in an online share trading scam. The victim had been transferring money since September through an app he was instructed to download, believing he was investing. Cyber police registered a case on Saturday to investigate the incident.
The scam began on September 12 when the victim received a WhatsApp message from an individual identifying himself as Aman Malik, who offered investment advice with promises of high returns. Expressing interest, the victim was contacted by someone claiming to represent an investment firm. He was invited to join a WhatsApp group titled “Y21-VIP-WTIC World Top Investor Competition,” where Malik acted as the group admin. Members of the group posted screenshots showcasing substantial returns, creating an impression of credibility.
Enticed by the potential profits, the victim decided to proceed. He downloaded an app from a link provided by Malik and transferred ₹5 lakh as an initial investment. Within two days, the app reflected a profit of ₹70,000, reinforcing the victim’s trust.
Between October 18 and November 8, he made over 20 transactions, transferring a total of ₹5.70 crore to the scammers. However, on November 11, when he attempted to withdraw his money, he was asked to pay additional amounts under the guise of processing fees. Growing suspicious, the victim reported the matter to the cyber helpline.
The West Cyber Police Station has filed an FIR, and an investigation is currently underway, according to officials.
