Mumbai (NYToday) — A 68-year-old businessman from Mumbai has lost nearly Rs 11 crore (Rs 110 million) after falling victim to an elaborate fake online trading scam driven by promises of high profits.
According to Indian media reports, the fraud took place between 29 December 2025 and 19 January 2026, during which the victim transferred a total of Rs 10.98 crore into multiple bank accounts controlled by the scammers.
The businessman was reportedly searching for new investment opportunities when he came across an online advertisement promoting lucrative stock market returns. After clicking the ad, he contacted a WhatsApp number where he was approached by a man identifying himself as Mohan Sharma, who claimed to be a professional stock market advisor.
The victim was soon added to a WhatsApp group in which daily screenshots showing large trading profits were regularly shared. Group administrators alleged that Mohan Sharma was linked to an international trading firm, headed by a so-called general manager named Alex, further boosting the scheme’s credibility.
Later, the businessman was persuaded to become a “premium member” and was instructed to download a trading application via a shared link. An institutional trading account was opened in his name, and each time he transferred money, the same amount appeared in the app’s wallet. This fake balance display convinced him that genuine trading activity was taking place.
To deepen the deception, the victim was added to additional WhatsApp groups offering trading tips and online training sessions. However, when he eventually decided to withdraw his capital and stop investing, all contact was abruptly cut off. The WhatsApp groups were shut down, and the fraudsters demanded an additional Rs 8 crore as a so-called penalty.
It was only then that the businessman realised he had been cheated. He subsequently lodged a complaint with the National Cyber Crime Helpline and later approached the cyber police. Authorities have registered an FIR against unknown individuals under sections related to cheating, criminal conspiracy, identity theft, and misuse of electronic and social media platforms.
Cybercrime officials continue to warn investors to verify trading platforms through official sources such as the Reserve Bank of India (RBI) and to remain cautious of unsolicited investment offers shared via social media or messaging apps. For verified guidance on safe digital practices, users can also refer to India’s official cyber safety portal.