Mumbai woman loses ₹7.87 crore in online investment scam
A 62-year-old Pali Hill resident lost ₹7.87 crore after falling for an online investment scam.
Scammers, pretending to be from a trusted trading firm, added her to a WhatsApp group with fake stock tips and convinced her to invest through a shady app that promised big returns on shares and IPOs.
She ended up making over 18 payments after being approached in June.
App showed profits at 1st, then started displaying losses
At first, the app showed profits, but soon it started displaying losses. When she tried to withdraw her money, the scammers demanded another 10% deposit.
Realizing something was off, she checked with the actual trading company—only to find there was no record of her investments—so she reported it to police on July 18.
Authorities have filed charges for cheating, forgery, and conspiracy under multiple laws and are tracking down the bank accounts involved.
This case is part of a bigger wave of online investment frauds in Mumbai.