Mumbai Fake Trading App Fraud: Mumbaikar’s lost Rs 1,012 crore to online frauds in 10 months, up 4-fold from last year | Mumbai News – Times of India

WhatsApp, Insta, Telegram… Cyber crooks’ stomping grounds have led gullible Mumbaikars to lose Rs 1,012 crore from Jan to the first week of Nov this year—a 286% rise from Rs 262 crore in all of 2023—reveals data from the cyber cell. But only 21.5% of the cases have been solved, Rs 129.6 crore recovered in the ‘golden period’, and 210 persons arrested
Bank staffer held for conning Colaba senior of Rs 11 crore
A bank’s relationship manager was nabbed on Wednesday for allegedly being part of a cybercrime syndicate operating from Dubai and China that conned a 75-year-old Colaba man of Rs 11.2 crore in two months.
A south cyber cell team led by inspector Nandkumar Gopale recovered 32 credit and debit cards and 16 cheque books from the accused, Kaif Mansuri (31).
As per the complaint, the senior citizen was added to a WhatsApp group on Aug 19, through which he was persuaded to sign up on a stock trading app. He transferred over Rs 11.2 crore by Oct to 22 different bank accounts and also via cheques. The app displayed large profits but when he tried to withdraw them, the crooks sought 20% of the funds for taxes. This raised his suspicion and he approached police.
The probe led police to an ATM from where a part of the money was withdrawn. CCTV footage showed Mansuri and some women depositing the cheques. “The women pointed fingers at Mansuri,” said Gopale.
Police found that Mansuri and his mentor, Hussain Malbari, had sent large sums to Dubai and China using hawala channels. Datta Nalawade, DCP (cyber), said Mansuri was able to open fictitious bank accounts. Malbari is absconding.
Always verify caller’s identity before transferring sums
A shipping company was targeted by cyber fraudsters on Oct 21 and swindled of Rs 95 lakh. Posing as the company’s director, a person called up a 37-year-old senior manager, told him that he was at a meeting with a govt official, and asked him to immediately check how much money was in the firm’s bank account. On being told that there was Rs 95 lakh, the fraudster demanded immediate transfer of the sum to an account. The senior manager did so and later informed his superiors, who told him that he had fallen prey to a cyber con.
Be wary of the success stories
A 52-year-old chartered accountant from north Mumbai came upon an Instagram advertisement offering good returns on share market investments in April. He clicked on the link provided and found himself added to a WhatsApp group, which had 139 other members. A man introduced himself in it as an adviser with a securities firm, and said daily market analysis and share trading tips would be offered. Other members used to post about the profits they earned. Sharma contacted the CA and got him to download a fake trading app, called ISTGN, through a link. The CA invested Rs 29.2 lakh in three months through the app, which showed profits up to Rs 7 lakh. He later made a request for withdrawal and was asked to pay a commission, which he did. But he was able to withdraw only Rs 7 lakh and lost Rs 22 lakh of his investment. An FIR was lodged this Monday.
Treat high return investment offers with suspicion
A 30-year-old Malad resident was in Oct lured into investing in share trading and cheated of Rs 10 lakh. Police said the complainant received a WhatsApp message and was soon added to a group that claimed to offer advice on stocks that gave high returns. He later received a phone call from a person and was persuaded to invest in shares. The victim was sent a link, and asked him to download a share trading app and register himself on it. Under the pretext of registering his profile, the fraudsters made him transfer Rs 10 lakh and duped him. He approached police later.
No agency can carry out a digital arrest
An 80-year-old retired staffer of a PSU lost Rs 22 lakh to fake CBI and RBI officials who put him under ‘digital arrest’ on Nov 13 and claimed his bank account was used to send Rs 2 crore to a terrorist outfit through businessman Naresh Goel, who is facing an ED case. The Koparkhairane resident was initially told his pension had been put on hold owing to an arrest order. He was made to transfer Rs 22 lakh from Nov 13-16 to two bank accounts for “assessment” and was assured that once a court gave him a clean chit, the money would be refunded. The man learnt that he was defrauded after he confided in a neighbour. An FIR was lodged on Tuesday.
Think twice before clicking on that link
A 30-year-old software engineer from north Mumbai received a notification in May on Telegram app about share trading and clicked on the link provided in the message. He was immediately added to a WhatsApp group, where a man introduced himself as a teacher and offered tips on buying and selling stocks. The techie was lured into downloading a fake trading app called ‘ACBBL Online’. He invested Rs 10.1 lakh through it, but when he wished to withdraw his money later, he was asked to pay 20% of his profits as commission. He then approached cyber police, who filed an FIR on Monday.