Navi Mumbai: 59-Year-Old Panvel Resident Loses ₹74.67 Lakh in Fake Share Trading Scam

A 59-year-old resident of Navi Mumbai has allegedly fallen victim to an online share trading scam, losing a total of Rs 74.67 lakh, police officials confirmed on Thursday. The complainant, who lives in the Panvel area, was reportedly approached by unknown individuals who promised unusually high returns through stock market investments. Trusting their claims, the man agreed to participate in the scheme. What initially appeared to be a legitimate investment opportunity later turned into a major financial fraud, leaving the victim shocked after realizing that his substantial savings had vanished without any genuine trading activity taking place.

According to the police, the accused first gained the victim’s confidence by showing small profits credited to his account soon after the initial investments. These early returns convinced him that the trading operation was genuine. Later, the fraudsters allegedly encouraged him to invest much larger sums by displaying exaggerated profits on a fake trading platform. The victim was instructed to transfer money to several bank accounts controlled by the accused. Believing the profits shown online, he continued depositing funds over multiple transactions, unaware that the interface and returns were entirely fabricated to deceive him.

The victim transferred money into the fraudulent accounts between November 28, 2025, and January 1 this year, an official from the cyber police station said. Despite repeated follow-ups, he neither received the promised profits nor was able to withdraw his invested amount. Realising that he had been cheated, the man approached the police and filed a formal complaint. Based on his statement, the cyber police registered a case on Tuesday against five individuals under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita for cheating and online financial fraud.