Mumbai Techie Duped of Rs 86.85 Lakh in Online Stock Market Investment Scam; Case Registered

A 41-year-old employee of Tata Consultancy Services (TCS), residing in Chembur, Mumbai, has fallen victim to an online investment fraud, in which cyber fraudsters duped him of a massive sum of ₹86.85 lakh by luring him with promises of high returns in the stock market. The accused induced the victim to transfer money to multiple bank accounts on the pretext of investments. Following the fraud, the victim immediately lodged a complaint on the cyber helpline 1930, after which the East Region Cyber Police initiated an investigation.

According to the complaint received by the East Region Cyber Police, the fraud took place between September 11, 2025, and December 8, 2025. The first contact was made on September 11, when the complainant received a message offering lucrative stock market investment opportunities through a WhatsApp group named “Edelweiss Investment.”

On October 23, 2025, the fraudsters sent him a link to download an application named “Mkmseedu” from Google, following which he installed the app and completed all KYC-related formalities. He began trading on the app from October 28, 2025. To gain his confidence, the fraudsters initially showed him virtual profits on the application.

The WhatsApp group had 104 members and was administered by individuals identified as Meera Joshi and Venkatchalan Ramaswamy, who also conducted what were described as online investment classes. Between October 28 and December 8, 2025, the complainant transferred his entire savings amounting to ₹86,85,000 via RTGS to various bank accounts provided by the fraudsters.

The fraud came to light on December 8, when the employee attempted to withdraw the profit amount reflected in his account. At that time, he was asked to pay an additional 30 percent as “service fees.” Suspicious of the demand, he immediately contacted the cyber helpline 1930 and alerted the police.

The victim further stated that the group administrator, Meera Joshi, had forced him to download another application named “Edelhnw” from the Play Store and gained his trust by displaying virtual profits. The cyber police have registered a case of cheating and relevant sections of the Information Technology Act against Meera Joshi, Venkatchalan Ramaswamy, and other associated account holders. Efforts are underway to trace and apprehend the gang involved in the large-scale fraud.