06 May,2026 08:09 AM IST | Mumbai | Vinod Kumar Menon
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A retired resident of Dadar has lost over Rs 3.37 crore in an online investment fraud after being lured through a fake WhatsApp trading group that promised high returns. The Central Region Cyber Police have registered a case and launched an investigation. This case is not just about one victim; it is a cautionary tale for every common man who might unknowingly fall prey to the growing menace of cybercrime.
Over three months, the victim transferred money in multiple transactions across several bank accounts.
>> Central Bank of India
>> Bank of Maharashtra
>> IndusInd Bank
>> Nainital Bank
>> Federal Bank
>> Bandhan Bank
>> SBM Bank
>> Transgulf Global Pvt. Ltd.
>> Nikedge Global Services OPC Pvt. Ltd.
>> Dezart Trading (OPC) Pvt. Ltd.
>> Shri Ram Printing Press Ltd.
>> Ikkra Electricals
>> Shri Sagar Enterprises
>> ABC Digital Marketing
>> SR Traders
>> Mercury Traders
>> Angelaisle OPC Pvt. Ltd.
>> New Dolphin
Enterprises
>> Individual transfers ranged from Rs 25,000 to Rs 10 lakh
>> Total amount lost: Rs 3,37,66,994
On April 20, 2026, the victim saw a balance of over R27 crore in the fake trading account, including supposed profits.
When he attempted to withdraw the amount:
>> Fraudsters demanded an additional "government tax" of R37 lakh
>> The victim realised the fraud and approached the Mumbai Police
A case has been registered under the provisions of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000.
Cyber experts say the case reflects a common pattern in investment fraud:
>> Victims are added to unsolicited WhatsApp or Telegram groups
>> Fake platforms mimic real financial institutions
>> Small initial profits are used to build confidence
>> Larger investments are then extracted
through psychological manipulation
>> Verify all investment platforms through official sources
>> Do not trust unsolicited investment advice on messaging apps
>> Avoid sharing bank details, PAN or Aadhaar with unknown individuals
>> Report suspicious activity immediately to banks and cyber helplines
>> Educate elderly family members, who are frequent targets
The fraud began when the victim was added to a WhatsApp group named Axis Securities Group, where members posed as financial advisors offering stock trading tips.
>> A woman identifying herself as "Neelam Dhawan" claimed to be an employee of Axis Securities
>> The victim was directed to a fake trading website designed to resemble a legitimate platform
>> Initial small investments showed profits
>> A test withdrawal of R1000 was successfully credited to the victim's bank account
>> Advocate Anil D'Souza, representing the victim, said this tactic was used to build trust before larger sums were demanded
Cybercrime in India is rising sharply.
NCRB data (2023)
>> Over 86,420 cases reported, up from 65,893 in 2022
>> 31.2% increase in one year
>> Around 65% cases are linked to financial fraud
>> Cybercrime up over 217% since 2018
Key trends
>> Karnataka, Telangana, and Uttar Pradesh reported the highest cases
>> Bengaluru topped metropolitan cities
>> Nearly 96% offenders were male
Government response
>> Over 24.67 lakh mule bank accounts identified and shared through the suspect registry
>> Fraud transactions worth over R8031 crore were prevented via the 1930 helpline
>> Cyber forensic labs operational in New Delhi, Assam and Hyderabad
