Mumbai Cyber Police Bust Share Trading Scam, Woman Duped Of Over Rs 27 Lakh

The Mumbai Police has dismantled a cyber fraud racket and arrested a 28-year-old man for allegedly duping a 58-year-old woman out of Rs 27.44 lakh through a fake and sophisticated share trading platform. The scam, which operated via WhatsApp and a counterfeit trading app, promised massive returns and is suspected to be linked to over 100 similar fraud cases across the country.

The scam began when the Dahisar-based woman was contacted via WhatsApp by a user identifying herself as "Shivani". Claiming to provide share market tips, she added the victim to a group named TBVIP168, where fraudulent advice and trading guidance were regularly circulated. The victim was then asked to visit and install a fake trading app through a suspicious link. The app, built to mimic a genuine trading platform, initially displayed fake profits in lakhs, intentionally designed to gain the victim's trust.

Lured by these seemingly positive returns, the victim was repeatedly instructed to deposit money into various bank accounts under the pretense of buying shares through IPOs and block deals. On June 3, she transferred Rs 4 lakh, of which Rs 2.3 lakh was immediately routed to second-level accounts. Over the course of the scam, she ended up paying a total of Rs 27,44,236.

Following the complaint filed a few weeks ago, the Cyber Police registered an FIR under various sections of the BNS and the IT Act. Based on a combination of digital forensics and on-ground intelligence, the police traced the money trail to Vinayak Pramodkumar Baranwal, a resident of Kasheli in Thane, who was arrested shortly thereafter. Police said he had knowingly allowed his bank account to be used for routing the proceeds of cybercrime and had also personally profited from the transactions. One mobile phone was seized from his possession.

Further investigation revealed that the same bank account used by Baranwal had previously been flagged in 106 cyber fraud complaints from various parts of the country, pointing to a larger, organised network of online financial crime.

"This case shows how digital fraudsters are now using sophisticated apps and social engineering to trap victims. The accused created a fake sense of profitability to exploit trust," said a senior police officer from the cyber unit.

Authorities are urging citizens to remain cautious while engaging in online financial activities. They have advised the public not to fall for unsolicited investment offers via social media, avoid sharing bank account access with unknown individuals, and to report any suspicious activity without delay.