CSMT station manager loses Rs 11.5 lakh after being added to fake investment group promising high market returns
Cops say victim was lured into bogus trading app. Representation pic/istock
A 58-year-old senior railway official was allegedly duped of Rs 11.5 lakh in a sophisticated online trading scam after being added to a WhatsApp group that promised high returns on stock market investments, Eastern Cyber police said. The complainant, a station manager posted at Chhatrapati Shivaji Maharaj Terminus (CSMT), told police that the fraud took place between November 26, 2025, and January 11, 2026, while he was at his residence in Chembur.
According to investigators, the victim was added to a WhatsApp group titled ‘D1 Nadir Varma Teaching Exchange Community’. Several participants used international phone numbers and posed as experienced stock market experts. Police said the group members persuaded the official to download a trading application named PZENA INV through a Play Store link. He was then directed to register on an external website, where he allegedly shared his Aadhaar and PAN details. An online trading account was subsequently created in his name.
Between November 30 and December 20, the complainant transferred a total of Rs 11.5 lakh from his bank accounts to multiple beneficiary accounts, believing the money was being invested in shares and IPOs. The trading application later showed profits of nearly Rs 16 lakh, police said. However, when the victim attempted to withdraw the amount, the funds were not credited to his account. He was allegedly told that additional payments were required to “unlock” the withdrawal facility.
Soon after, all WhatsApp numbers associated with the group stopped responding, prompting the official to suspect fraud. Realising he had been cheated, the complainant lodged an complaint with the national cyber helpline number 1930 on January 11. Based on the complaint, Eastern Cyber police registered a case under relevant Sections of the Bharatiya Nyaya Sanhita and the Information Technology Act.
Police officials said preliminary investigation indicates the use of fake trading platforms, mule bank accounts and WhatsApp-based grooming, a pattern increasingly observed in cyber investment scams targeting salaried professionals.
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