Daijiworld Media Network – Mumbai

Mumbai, Jul 20: In a shocking case of online financial fraud, a 62-year-old woman from Pali Hill lost a staggering Rs 7.87 cr after being lured into investing through a fake trading app that promised high returns.

According to police, the victim was contacted on WhatsApp in June by a woman identifying herself as Priya Sharma, claiming to be the assistant to the chief investment officer of a reputed trading firm. Sharma then added the victim to a WhatsApp group that regularly shared tips on stock market investments and IPOs.

Impressed by the seemingly successful returns showcased in the group, the woman began investing through a mobile app introduced by the accused. Over time, she transferred Rs 7.87 cr across 18 transactions to various bank accounts, as directed by the fraudsters.

Initially, the app reflected large profits. However, within days, the woman began to see losses. When she attempted to withdraw the remaining amount, the accused demanded a 10% additional investment to release the funds. This raised her suspicions.

Upon contacting the official customer care of the trading firm, she was informed that no such investments had been made under her name. Realising she had been duped, she filed a complaint with the police on Friday.

A case has been registered against Priya Sharma and her accomplices under Sections 318, 319, 336, 338, and 61 of the Bharatiya Nyaya Sanhita, along with relevant sections of the Information Technology Act.

Police are investigating the case and have urged the public to be extremely cautious while investing money through unknown platforms and applications.