Investment fraud: Added to WhatsApp group, lured with high returns, Thane woman ends up losing ₹1.5 crore

A senior citizen in Maharashtra's Thane ended up losing ₹1.5 crore in an investment fraud, after she was targeted on WhatsApp and lured with "high returns" by the scamsters.

The local police has registered a first information report (FIR) to probe the matter, news agency PTI reported.

The victim, identified as a 62-year-old woman, is a resident of Kavesar area. Based on her complaint and the preliminary probe, the police has identified seven accused -- Ushma Shah, Sunita Kumari, Abhijit Gandhi, Vivek Patel, Ketan Marwadi, Juni V Patel, and Naresh Kumar D Jadeja.

The accused have been booked under provisions of the Indian Penal Code and the IT Act.

Also Read: RBI to set up 'Digital Payments Intelligence Platform' to minimise fraud

How was the victim targeted?

While the exact details are yet to emerge, police officials told PTI that the Thane woman was added to a group on WhatsApp. The accused lured her with high returns, which compelled her to make a hefty investment.

The definite time period of the crime was not available in the preliminary reports, but police was reported as saying the victim was in touch with the accused between April and June.

The accused provided the woman with links and added her to a WhatsApp group before goading her to “invest” a total of ₹1,45,35,6000 saying she would get “high returns”, the police said.

However, the woman did not get any returns on her money even after following up with the accused. She then approached the police, said the official from Kasarwadavli police station.

Online financial frauds on the rise

According to the Indian Cyber Crime Coordination Centre (I4C), an official body under the Union home ministry, Indians cumulatively lost ₹1,750 crore due to cyber fraud in the first four months of 2024.

According to the platform, an average of 7,000 complaints of online financial fraud were recorded per day in May 2024, which is 60% higher than the total complaints registered in fiscal year 2023-24.

Financial sector regulators have repeatedly issued warnings, asking netizens to not to click on malicious links, refrain from sharing their financial details online, and invest and trade only through platforms that are registered with the Securities and Exchange Board of India (SEBI).

With PTI inputs