Mumbai: No! Social media groups WON’T double your money

With several hundred cases in three months, cyber cops are saying online investment scam is turning out to be one of the worst ever; here are a few cautionary tales

The stock market cyber scam, where fraudsters entice individuals into pouring money into fake investment schemes, is getting out of hand. Over the past three months alone, the cyber police have registered hundreds of cases while several hundred more complaints involving amounts less than Rs 10 lakh have been made at local police stations.

The cyber cell has received complaints from numerous individuals who believed they would make huge profits but were duped of crores of rupees. mid-day has reviewed nine such cases. The modus operandi in each one appears to be similar, with victims being fleeced after coming across enticing investment schemes on social media platforms.

Music director cheated 

Sharangdev Pandit, an Andheri-based music director, approached the cyber cell last month, claiming that he lost Rs 4.58 crore after investing via a fraudulent app. According to his complaint, he came across a reel on Instagram promoting investment in AngelOne shares. Intrigued, he clicked on the link and joined a group called ‘C-55 BLACKROCK portfolio investment’, which already had 142 members. In this group, he encountered individuals named Melissa and Salim Ramji, who offered investment tips that seemed promising. 

Victims were added to WhatsApp groups where they received investment tips. Representation Pic

Pandit stated that Melissa, who claimed to work as an assistant manager at AngelOne, gained his trust. She recommended investing in a company’s IPO to reap a 100 per cent profit. Following her instructions, he shared investment details in the group and was advised to sell the next morning after making a profit. Melissa then shared a Google link leading to an app called ‘Angelbok’ and instructed him to invest through this app. From January 6 to February 19, he invested Rs 4.58 crore, and the app showed a total amount of around Rs 14.58 crore. Later, he discovered that he had been deceived.

37 investors lost Rs 88 lakh

According to an Andheri resident, Arunkumar Chaudhary, who filed a police complaint this month, his daughter informed him about a shipping company app named ‘MAERSK’ that she came across on Instagram, which promised substantial returns on investments ranging from Rs 500 to Rs 87,000, with profits withdrawable through the app. Chaudhary started investing in this company and, through his referrals, approximately 37 people put in more than R88 lakh. They later learnt that they had been duped. 

Woman fleeced of Rs 85.59L

A 51-year-old working woman, Fatima Fernandez, from Santacruz, was defrauded of Rs 85.59 lakh by scammers. In her complaint, she mentioned that in November 2023, she was added to a WhatsApp group ‘Schroder Bharat Investors Hub’, which had 200 members sharing investment tips. Fernandez stated that when she expressed interest, she was encouraged to use their ‘private institutional account’. The crooks also provided her with a SEBI registered certificate, further boosting her trust. She then invested R13.04 lakh, and within 20 days, the app showed a balance of Rs 2.42 crore. Lured by the apparent gains, Fernandez invested more money, only to realise she’d been cheated when attempting to withdraw the amount.

Housewife duped of Rs 83L

Nisha Pandya, a 57-year-old housewife from Vile Parle, filed a complaint with the cyber cell stating that she came across an Instagram reel promising investors huge profits. Intrigued, she clicked on a link and joined a WhatsApp group ‘B17 Indian Stock Exchange’, which had 157 members. This group also hosted foreign lecturers on Zoom calls, providing stock market investment advice and tips. Pandya was instructed to open an account on www.alp.trade.com and began investing between December 2023 and January 2024. She lost Rs 83.70 lakh.

72-yr-old scammed

Pramod Khosla, 72, an Andheri resident, told the cyber police that he was added to a WhatsApp group ‘Wealth Doubling Plan’, where scammers shared investment tips. As Khosla showed interest, the group admin started calling him and providing investment advice. He was later asked to download their own app ‘Goomii’. According to Khosla, he initially invested R1 lakh and saw that he was able to make a profit. After successfully withdrawing R1 lakh, he decided to trust the scammers and invested substantial amounts within a few months, totalling R64.10 lakh. He later realised he couldn’t withdraw any amount.

Doctor loses Rs 66 lakh

Ramchandra Mudliyar, a 66-year-old doctor from Andheri, claimed that in December last year, he saw an advertisement on the internet about share market investments. Intrigued, he joined a WhatsApp group ‘Invesco Stock Trading Learning’. The group members shared screenshots of substantial profits made with tips from the app, which led Dr Mudliyar to believe in the scheme. Unfortunately, he was subsequently defrauded of Rs 66 lakh.

Businessman lost Rs 45 lakh

Amarjeet Singh, a 65-year-old businessman from Lokhandwala, claimed he was defrauded of Rs 45 lakh. In his complaint to the cyber cell, he stated that he was added to a WhatsApp group ‘Stock Market Investors Alliance’ where he was persuaded to invest in the market using tips provided through their own portal. Singh believed in the scheme and started investing, only to realise later that everything was fake and he had become a victim of cyber fraud, resulting in a loss of Rs 45 lakh.

Woman lost entire savings

Jayashree Dikhe, a housewife from Bandra who previously ran a restaurant in Worli until 2017, alleged in her complaint that she was added to a WhatsApp group ‘KKR Stock Discussion Group 63.’ After watching an Instagram reel about investing in the stock market. Subsequently, she was defrauded of Rs 43.25 lakh.
 
Professional scammed

Gaurav Wadikar, a 42-year-old Santacruz resident, was defrauded of R22.44 lakh by stock market scammers. According to his statement, he was added to a WhatsApp group called “India Equity Dialogue by Goldman Sachs” by an unknown person, where discussions about investments and promising returns were ongoing. Many group members claimed to be making substantial profits, which piqued Wadikar’s interest. The group admins approached him, leading to his loss of R22.44 lakh between January and March of this year.

2 finance graduates held for duping bizman of Rs 6 cr

Last week, the West Mumbai cyber cell arrested two finance graduates from Pune for allegedly duping a businessman of R6.27 crore. The individuals were identified as Vikas Chavan, 43, and Pradeep Lad, 32. The duo provided accounts to the scammers, and the cyber cell discovered that the entire amount was transferred to 159 different bank accounts, which have now been frozen for further investigation, according to Datta Nalawade, DCP Cyber.

The victim was lured into investing through methods similar to those used by cybercrooks. He was added to a WhatsApp group ‘Goldman Sach Stock Pull-up’ and subsequently defrauded of R6.27 crores. So far, the cyber cell has managed to recover only Rs 1.40 crore. “We have been advising people not to fall prey to investment schemes promoted through reels. It’s important to verify the authenticity of investment apps or demat accounts through genuine government stakeholders such as the RBI and SEBI before making any investment,” said Nalawade.

Rs 4.58 crore
Amount invested by a music director via fake app

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!