Two Mumbai Retirees Defrauded of Rs 4 Crore in Online Stock Market Scams
Two retired professionals in Mumbai have been defrauded of nearly Rs 4 crore in two separate online stock market investment scams, with cases officially registered at the West Cyber Police Station in Bandra. The victims, aged 64 and 78, were lured into making transactions through fraudulent online trading platforms that displayed fake profits before blocking access to their funds.
In the first case, a 64-year-old retiree, who previously worked as a manager in the banking operations department of a technology company, was swindled of Rs 2.53 crore. According to the police, the complainant clicked on an advertisement for an investment firm on YouTube and registered on the linked website.
Shortly after, a man identifying himself as Asad Ali contacted the victim. Ali claimed to represent the investment firm and offered guidance on international market investments. The retiree initially paid a registration fee of 200 USD. Ali maintained contact using six different international mobile numbers and instructed the victim to set up login credentials on the company's platform.
The fraudsters then provided multiple bank accounts and persuaded the retired manager to transfer funds. To build trust, they credited Rs 4,549 to his account as a trial profit. Encouraged by the returns displayed on the platform, the victim made 41 transactions using his debit and credit cards, transferring a total of Rs 2.53 crore. Although the website eventually showed profits of nearly 7 lakh USD (approximately Rs 6.3 crore), his attempts to withdraw the money failed, and the accused became unreachable.
The second scam targeted a 78-year-old retired manager of a foreign fertiliser company, who lost Rs 1.42 crore between December 2025 and May 8. A woman identifying herself as Anjali Krishnan contacted him and convinced him to invest. Other representatives from the firm later guided him through the process, providing various bank account details for transfers.
The senior citizen transferred Rs 1.42 crore across 19 transactions. While the trading platform displayed profits of Rs 3.3 crore and allowed an initial withdrawal of Rs 2.65 lakh, subsequent attempts to withdraw funds failed. The victim was later informed that the company had shut down, leading him to file a police complaint.
The West Cyber Police are currently investigating both cases.
