Mumbai: Wadala trader cheated of Rs 48 lakh in fake block trading cyber scam

The complainant and her family members were persuaded to open multiple virtual trading accounts through a fake website resembling a genuine broking platform. The accused gained trust by initially showing profits on a manipulated dashboard and allowing small withdrawals to make the scheme seem legitimate.

Over the next few weeks, the complainant and her family were instructed to transfer money to multiple bank accounts and UPI IDs under the guise of capital deposits, compliance charges, and trading allocations. Police records show that funds were transferred into accounts linked to various small finance banks and private banks.

The fraud came to light when the complainant attempted to withdraw a large sum shown as profit on the trading platform. At that point, the accused allegedly demanded an additional Rs 19.34 lakh as “commission” to release the funds. When the amount was not paid, all communication stopped and access to the trading platform was blocked.

Realising she had been duped, the complainant contacted the ‘1930’ cyber helpline and later approached the police. Preliminary verification revealed that the accused had allegedly used forged SEBI letterheads, fake customer support numbers and cloned websites to deceive investors.

Police said a case has been registered for cheating, forgery, and unauthorised electronic access, adding that multiple bank accounts used to route the funds are under scrutiny, and efforts are on to trace the digital trail, IP addresses, and beneficiaries behind the transactions.

Investigators believe the case is part of a larger organised cyber fraud racket targeting retail investors by misusing the names of established broking firms.