Navi Mumbai scrap dealer loses ₹2.28cr in online investment scam
Business
A scrap dealer from Navi Mumbai lost ₹2.28 crore after falling for an online investment scam.
He was approached by supposed stock-market advisors through a Facebook ad and WhatsApp, who convinced him to invest over several weeks in early 2025.
The fraud was finally reported to police on June 22, 2026.
Fake app showed ₹10.95cr, withdrawals blocked
The dealer joined a WhatsApp group where scammers shared fake profits and tips, making the scheme look legitimate.
He transferred money to multiple accounts and tracked his investments on an app that falsely showed huge gains, up to ₹10.95 crore.
When he tried to withdraw funds but kept getting blocked and was asked for extra tax payments, he realized something was off and contacted authorities.