Two Retirees Lose Nearly Rs 4 Crore in Online Stock Market Frauds in Mumbai

Mumbai: Two retired professionals from Mumbai were allegedly duped of nearly Rs 4 crore in two separate stock market investment frauds registered with the West Cyber Police Station in Bandra. The victims, aged 64 and 78, were lured into investing through fraudulent online trading platforms and were shown inflated profits on fake company websites before losing access to their funds.In the first case, a 64-year-old retiree who had worked as a manager in the banking operations department of a technology company was cheated of Rs 2.53 crore. According to the police, the complainant came across an advertisement for an investment firm on YouTube. After clicking on the advertisement, he was directed to a website where he registered himself.Soon after, he received a call from a man identifying himself as Asad Ali, who claimed to represent the investment company and offered guidance on investing in international markets. The complainant initially paid a registration fee of 200 USD. Ali allegedly remained in touch through six different international mobile numbers and instructed him to create login credentials on the company’s website.Over time, the accused provided multiple bank account details and persuaded the retiree to transfer money for investments. To gain his trust, the fraudsters credited Rs 4,549 to his account as a purported profit. Encouraged by the returns displayed on the platform, the complainant made 41 transactions through his debit and credit cards, transferring a total of Rs 2.53 crore. The website later showed profits of nearly seven lakh USD (about Rs 6.3 crore). However, when he attempted to withdraw the funds, the transaction failed and the accused became unreachable, prompting him to approach the police.In the second case, a 78-year-old retired manager of a foreign fertiliser company lost Rs 1.42 crore in a similar scam between December 2025 and May 8 this year. The complainant told police that a woman identifying herself as Anjali Krishnan contacted him and persuaded him to invest through her company. Subsequently, several others claiming to represent the firm guided him through the investment process and provided various bank account details.The senior citizen transferred Rs 1.42 crore in 19 transactions. The trading platform displayed profits of Rs 3.3 crore, and he was initially able to withdraw Rs 2.65 lakh. However, subsequent withdrawal attempts failed. He was later informed that the company had shut down, following which he filed a police complaint. Police are investigating both cases.