Fake App, Fabricated Profits: How Mumbai Man Lost 11 Crores To Trading Scam

A south Mumbai businessman joined several WhatsApp groups and downloaded a trading app which facilitated his stock market investments and even shared daily screenshots of profits. Less than a month later, he realised he had been defrauded of Rs 11 crore when he expressed his wish to stop investing further. Those who had been aiding his investment journey went incognito.

The 68-year-old logistics businessman from Churchgate was searching for investment options in the stock market when he came across an online advertisement. Shortly, he received a message on WhatsApp from an individual named Mohan Sharma, who claimed to be a stock market advisor.

The businessman was added to a WhatsApp group called "TRADER TITAN VIP 46", where screenshots of daily profits were posted in this group, leading the businessman to believe it was a trustworthy investment platform. The group administrators claimed that Sharma was associated with an international company called WAR-BURG, and that a person named Alex was the general manager of that company.

The businessman was then asked to become a premium members and sent him a link to download a trading app, where his "institutional account" was opened. He then transferred money to various bank accounts, and as soon as he sent the money, the same amount would appear in the app's wallet. This led him to believe real trading was taking place.

The businessman was also added to other WhatsApp groups, such as "Wings of Freedom Group A-1" and "Wings of Freedom Group B", where trading training and investment tips were shared. A woman named Ayesha Singh also regularly sent him messages providing trading-related notes and advice.

Between December 29, 2025, and January 19, 2026, the businessman transferred a total of Rs 10.98 crore in multiple transactions. When he requested to withdraw the money and stop his investments, the accused stopped responding to his calls and messages. All WhatsApp groups were shut down. The fraudsters also demanded an additional Rs 8 crore as penalty. It was then that the businessman realized he had been scammed.

The victim filed a complaint with the National Cyber Crime Helpline at 1930 and subsequently contacted the cyber police. Based on the complaint, the police registered an FIR against unknown individuals under sections related to fraud, criminal conspiracy, identity theft, and misuse of electronic and social media.