Mumbai: Senior Citizen Duped of Rs 1.68 Crore in Online Share Trading Scam; Cyber Police Launch Probe

In a shocking case of online fraud, a 62-year-old retired senior citizen lost over ₹1.68 crore after being lured into investing in a fake share trading platform promising high returns. The victim filed an online complaint with the cyber police on November 2, 2025.

According to the complaint, the victim — who retired as a Senior Administrative Assistant in July 2025 — invested his and his wife’s life savings in what turned out to be a fraudulent trading scheme. The family’s main source of income now depends on his wife’s pension.

The ordeal began on June 24, 2025, when the complainant was added to a WhatsApp group titled “M4 Wealth Creator.” The group was allegedly operated by two individuals, identified as Karan Singh (who used multiple mobile numbers) and Alok. They introduced the victim to stock market trading and shared documents showing that their firm, “Conifer Wealth Management,” was registered with SEBI — documents that later proved to be fake.

Encouraged by their claims, the victim expressed interest in investing on September 29, 2025. He was sent a registration link and asked to download an app from the Google Play Store. After opening an account, he made an initial investment of ₹50,000 via Google Pay.

Between October 1 and October 31, 2025, following Karan Singh’s instructions, the complainant and his wife transferred large sums to various unidentified bank accounts through UPI, RTGS, and IMPS.

The fraud came to light when, on October 23, the victim attempted to withdraw ₹80 lakh from the trading app but failed. When he contacted Alok, he was told that his investment had been converted into an IPO. The scammers then pressured him to deposit an additional ₹50 lakh to “unlock” his account.

Under pressure, the victim transferred the amount on October 31, only to be asked for another ₹80 lakh later that evening. Realizing he had been duped, the victim stopped communication and approached the police.

In total, the fraudsters siphoned off ₹1,68,14,058 by gaining the complainant’s trust and exploiting his financial aspirations.

A case has been registered at the East Region Cyber Police Station against the creators and users of the “M4 Wealth Creator” group, individuals named Karan Singh and Alok, and others linked to the fake trading portal (https://m.conifer-llc.com/). Authorities have launched a detailed investigation into the bank accounts and digital trail associated with the scam.