Navi Mumbai businessman loses Rs 1 crore in share investment fraud

A 75-year-old businessman from Navi Mumbai has allegedly been cheated of Rs 1.08 crore after being promised high returns in share market investments, police said on Sunday. Between December 5, 2025, and January 6 this year, the victim was deposited Rs 1.08 crore into various accounts in 18 separate transfers, a cyber police official said.

A 75-year-old businessman from Navi Mumbai has allegedly been cheated of Rs 1.08 crore after being promised high returns in share market investments, police said on Sunday. The victim, a resident of the Vashi area in Navi Mumbai, last month clicked on an advertisement that he came across on Facebook promising lucrative returns for investments in the share market. He was subsequently added to a WhatsApp group and directed to various fraudulent websites to set up a trading account. Between December 5, 2025, and January 6 this year, the victim was deposited Rs 1.08 crore into various accounts in 18 separate transfers, a cyber police official said. To gain his trust, the fraudsters initially showed his ''profits'' growing to over Rs 4 crore on the platform. However, when the victim attempted to withdraw his funds, the fraudsters demanded further payments under the guise of taxes and IPO subscription fees, the official said. He then filed a complaint through the National Cyber Crime Reporting Portal. The Navi Mumbai Cyber Police registered an FIR on January 29 against two unidentified persons under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act for cheating.

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