Mumbai: Youth Duped of ₹9.73 Lakh in Online Share Market Scam

A 26-year-old corporate lawyer residing in Dadar (West) has fallen victim to an online investment fraud, losing ₹9.73 lakh under the pretext of trading in the share market. The victim, originally from Indore, has filed a complaint with the cybercrime police.

According to police sources, the complainant, who occasionally traded through the Zerodha app, came across a WhatsApp group named “T (VIP1) Internal Trading” in May 2025. The group was administered by a woman identified as Shailaja, who initially provided stock tips that yielded small profits. Gaining the victim’s confidence, she later convinced him to download a new trading app called IMPV MIN for further transactions.

Initially, the complainant managed to withdraw some profits, which further strengthened his trust. However, he was soon pressured to invest larger amounts. In total, he transferred ₹9.73 lakh to multiple bank accounts via UPI, IMPS, and NEFT. The app dashboard displayed inflated profits of over ₹20 lakh, but later, he was asked to invest ₹36 lakh for additional share purchases.

When he refused, the fraudsters declared him a “defaulter” and demanded a penalty of ₹5.5 lakh. Upon seeking a refund, the victim’s requests were flatly denied. Realising that he had been conned under the guise of online share trading, he approached the cybercrime department, where an investigation has now been initiated.