Maharashtra Cyber Crime: Thane Retired Cop and Doctor Duped of ₹1.44 Crore in High-Returns Stock Investment Fraud

Police have filed a case against two individuals from Pune and Goa after uncovering a massive fraud that allegedly took place over the last two years, reported PTI. The duo persuaded a 67-year-old retired police officer from Kalyan in Thane district and his friend, a doctor, to invest significant amounts in companies involved in stock market trading. They lured the victims by promising exceptionally high profits, creating trust and a sense of financial security. The unsuspecting investors were convinced that the opportunity was genuine, leading them to continue depositing money over several months, reported PTI.

Officials revealed that the accused initially paid very small “profits” to the investors, designed to boost confidence and encourage further investment, reported PTI. As time passed, the payouts suddenly stopped, and when the victims repeatedly demanded refunds, the fraudsters began avoiding communication. Eventually, all contact ceased, leaving the investors helpless. After repeated failed attempts to recover their funds, the victims approached the Khadakpada police station and lodged a detailed complaint on November 21. Authorities confirmed that although a thorough investigation has begun, no arrests have been made so far, reported PTI.

Investigators are now examining financial records, bank transactions, investment receipts, and chat logs to uncover the trail of funds and identify additional victims who may have fallen prey to the same strategy. Police have registered a case under IPC Sections 420 (cheating) and 34 (common intention), along with relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act. Officials suspect the scam may have targeted more individuals across multiple districts and are working to trace the masterminds behind the scheme, as reported by PTI.

In a separate case, a 26-year-old homemaker from Ghatkopar lost ₹6.77 lakh in a sophisticated Telegram-based work-from-home fraud related to fake Anganwadi job opportunities. She had responded to a social media advertisement and was gradually drawn into a series of paid online tasks. Fraudsters claiming to be HR representatives from an “NSI Corporate Office” initially shared fake screenshots showing small profits to win her confidence. Over the next four days, she was repeatedly pressured to make increasingly costly payments, forcing her to borrow money and pawn her and her mother’s jewellery.

By November 15, the scammers had blocked her task account after demanding further transfers, leaving her without access to her “commission.” Despite depositing multiple payments ranging from ₹800 to ₹50,000, she ultimately received only ₹27,670, while the rest of her savings vanished. Police later discovered that her money had passed through 15 different mule accounts across Maharashtra, Karnataka, Uttar Pradesh, Rajasthan, Manipur, and Telangana, indicating a large organised cybercrime network running through WhatsApp and Telegram channels. A case has been registered under sections of the Bharatiya Nyaya Sanhita and the IT Act, and efforts are underway to track down the account operators involved in the racket.