₹14.73 Crore Financial Fraud Exposed in Mumbai's Mahim Area: 62-Year-Old Businessman Duped in Share Trading Scheme

A major financial fraud involving ₹14.73 crore has come to light in Mumbai’s Mahim area, where a 62-year-old businessman was allegedly duped under the pretext of share trading. The Central Region Cyber Police Station has registered an FIR under multiple sections of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000.

According to the FIR filed on July 19, 2025, the complainant — a partner in an export company — was targeted between October 2024 and July 7, 2025. The accused allegedly posed as intermediaries in the share market and convinced him to invest substantial amounts.

The businessman stated that he was introduced to two individuals, Rohan Menon and Manikandan, through his company’s financial advisor. Claiming to be credible stock traders, the duo allegedly created fake email IDs using the names of reputed institutions such as Zerodha Booking Limited, NSDL, SEBI, and others. They lured the complainant into making large investments in stock markets.

Believing the credentials, the complainant transferred ₹14.73 crore in multiple instalments to purchase shares. However, he later discovered that the shares were never credited to his company’s demat account. Instead, the funds were reportedly diverted to personal bank accounts, including those linked to Manikandan.

Realising the fraud, the victim approached the cyber police, who subsequently registered a case under sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita, along with section 66D of the IT Act.

Currently, the accused — Rohan Menon, Manikandan, and an unidentified bank account holder — are absconding. The police have launched a manhunt and are also working to recover the siphoned funds.