Mumbai: Cyber Fraudsters Target Lalbaug Resident with Investment Scam, Steal ₹2.60 Crore

A shocking case of cyber fraud has come to light from the Lalbaug area, where a 58-year-old retired executive from a private company was duped of ₹2.60 crore by two separate fraud groups. The fraudsters lured the victim with promises of high returns on investments in the capital market and manipulated him using fake mobile applications and online platforms.

According to police officials, the incident began on June 10, when the complainant came across a share market advertisement while browsing Facebook. Clicking on the ad led him to join a WhatsApp group named ‘Kuvera Alpha Club’, which had 102 members along with an admin who regularly posted stock market updates and investment advice. Gradually gaining trust, the group admin sent the complainant a link to another WhatsApp group, where he was instructed to download an app named ‘Kuvera’ and open a demat account.

Two individuals, Rutuja Lad and Nilabh Sanyal, approached him as financial advisors and began guiding his investments. Believing their advice, the victim invested ₹56.20 lakh through this application.

Around the same time, the complainant encountered another online advertisement related to investments under the name ‘UTI Capital’. Upon clicking it, he was added to another WhatsApp group called ‘UTI Capital Storm’. Here, he was introduced to two more advisors, Sanya Kapoor and Imtiyazur Rehman, who instructed him to open an OTC (Over-the-Counter) account through a shared link. Over the next few weeks, following their advice, the complainant transferred ₹2.07 crore into various bank accounts.

Initially, the victim was shown returns, which boosted his confidence in the investments. On July 29, when he attempted to withdraw some funds, the advisors from the Kuvera app told him he needed to pay an additional 5% to process the withdrawal. Sensing something suspicious, he reached out to the second set of advisors – Kapoor and Rehman – but received no response.

Realising he had been duped, the victim promptly contacted the cyber helpline and filed a formal complaint. The Central Region Cyber Police have registered a case and initiated a probe. Investigators are currently tracking the bank transactions and digital footprints of the accused.