45-Year-Old Thane Man Duped of ₹5 Crore in Fake Stock Market trading Scam

In yet another case of online fraud, cyber criminals duped a 45-year-old man from Thane’s Manpada area of more than ₹5 crore by luring him with promises of high returns from stock market trading. The victim, who works as a Sales and Marketing Manager in a Mumbai-based company, lodged a complaint with the Central Cyber Region after realising he had been cheated.

According to the complaint, the fraud began on 24 April 2025, when the victim was added to a WhatsApp group named ‘VIP UC Stock Wealth Sharing Group’ from an unknown number. The group was allegedly administered by persons identifying themselves as Shailja Paik and Professor Dakshi Agrawal, who claimed to be managers at INDmoney Private Limited. The group had 86 other members, many of whom appeared to be discussing large profits from stock trading.

Influenced by these discussions, the complainant expressed interest in investing. He was asked to open a ‘privilege account’ and share his Aadhaar and PAN details. On 5 May 2025, he filled out a form and initially invested ₹50,000 through an app called ‘INDM PVL’, which the fraudsters asked him to download. His account soon showed a profit of ₹1,250, which boosted his confidence.

Over the next three months, the victim made 37 transactions, gradually investing larger sums as his account displayed rising virtual profits. By July-end, his account reflected notional earnings of over ₹57 crore, including his invested amount.

However, when he attempted to withdraw money on 31 July 2025, the request was blocked. The fraudsters told him that he needed to pay 3% tax (₹1.72 crore) before any withdrawal could be processed. Unable to arrange such a huge amount, the victim refused, after which he was denied access to his funds.

Realising he had been cheated, the victim filed a complaint on 14 August 2025 through the cyber helpline number 1930. Police said that between 6 May and 6 August 2025, the victim transferred a total of ₹5.11 crore into multiple bank accounts provided by the fraudsters.

He has named Shailja Paik, Professor Dakshi Agrawal, accountant Raghav Sharma, and the holders of the bank accounts where the money was deposited, seeking legal action against them. The complainant has also submitted WhatsApp chats and screenshots as evidence to the police.