Palghar Crime News: Vasai Woman Duped of ₹1 Crore in Share Investment Scam

Vasai: A 56-year-old woman from Vasai, employed as an accountant at a private firm in Andheri, has reportedly lost nearly ₹1 crore in a sophisticated online share investment fraud. The incident has raised fresh concerns about the increasing number of cyber scams targeting unsuspecting investors through social media platforms.

According to officials from the Mira Bhayandar Vasai Virar (MBVV) Police, the victim received a WhatsApp message on February 9, inviting her to join a group offering stock market tips and promising high returns. Trusting the information, she clicked the invite link and was added to the group.

Soon after, a person posing as a stock market analyst shared a link within the group, directing members to download a bogus trading application. Believing it to be genuine, the woman created a trading account on the fake platform.

Between March 18 and April 16, she made 39 online transactions, transferring close to ₹1 crore into various bank accounts shared by the scammers. Police said the victim was lured further by apparent gains displayed on the fake trading app, which showed a return of ₹10.65 crore.

Encouraged by the seemingly high profits, the woman even redeemed her fixed deposits to increase her investment. However, when she attempted to withdraw the profits, the scammer demanded an additional ₹48 lakh as tax payment, a clear red flag.

Despite following the instructions to withdraw her earnings, she was unable to access the funds, leading her to realise she had been duped. She then approached the police and filed a complaint.

The case has been registered under Section 318 (cheating) of the Bharatiya Nyaya Sanhita, along with Sections 66C (identity theft) and 66D (cheating by personation using computer resource) of the Information Technology Act.

Police have launched an investigation and are working to trace the suspects and the bank accounts used in the fraud. Authorities have once again urged the public to exercise caution before investing money online and to verify the authenticity of financial platforms and advisors, especially those encountered through social media.