IPO Investment Fraud in Mumbai: Elderly Trader in Dadar Duped of Rs 39 Lakh On Pretext of Investing in Share Market

A case of cyber fraud involving an elderly businessman who was allegedly cheated of nearly Rs 39 lakh on the pretext of investing in shares and an IPO promising high returns has come to light in Dadar. The Cyber Cell of the Central Region Division has registered an offence under relevant sections of cheating and the Information Technology Act and has launched a search for the unidentified cyber fraudsters.

According to police, the complainant, a senior citizen engaged in business, resides in Dadar with his wife and son. He previously worked at TT Textiles in Dadar and owns a shop, which he has rented out.

On December 15, 2025, he came across an advertisement of a company named “Stoco” on the website Moneycontrol. A few days later, he received a call from a woman identifying herself as Swati Verma, who claimed to be a representative of the company. She allegedly lured him by offering discounted investment opportunities in the company’s IPO and promised returns of two to three times the investment every month.

Trusting her claims, the complainant decided to invest. Between December 30, 2025 and February 17, 2026, he transferred a total of Rs 39.16 lakh via RTGS for the purported IPO investment.

However, he did not receive any returns on the investment. When he confronted Swati Verma, she allegedly claimed that she had not received any money. She then inquired about his personal assets and informed him that a minimum investment of Rs 1.5 crore was required for the IPO.

As the complainant did not have Rs 1.5 crore, he refused to invest further. Subsequently, the accused stopped responding to his calls and messages.

Realising that he had been duped in the name of share and IPO investments, the victim contacted the cyber helpline number 1930 and later lodged a formal complaint with the Cyber Cell of the Central Region Division.

After preliminary verification, the police registered a case against Swati Verma and her associates under sections related to cheating and the IT Act. Further investigation into the matter is underway, officials said.