Online cheating: Businessman losses Rs 77.10 lakh in share trading scheme

A 43‑year‑old businessman from Dombivali in Maharashtra’s Thane district has lost Rs 77.10 lakh in a fraudulent WhatsApp‑based share trading scheme, police said on Sunday. Prashant Prabhu was added to a WhatsApp group by the accused on November 17, 2025, and persuaded to invest large sums of money after being promised unusually high returns from share trading, a Manpada police station official said.

According to the complaint, Prabhu invested the total amount over several transactions until January 8, 2026, believing the scheme was legitimate . Despite assurances and continued messages in the group, he neither received any profits nor a refund of his original investment. After the accused stopped responding to his messages and calls, Prabhu approached the police .

The police have registered a first information report (FIR) under provisions of the Information Technology Act and are working to trace the money trail and identify those responsible, the official said. Efforts are also underway to freeze bank accounts linked to the suspected fraud and secure financial evidence.

Scams conducted through WhatsApp groups often involve perpetrators posing as experienced traders or financial advisors who share fake success stories and real‑looking trading updates to build trust. Victims are sometimes directed to transfer money into bank accounts or to use unregulated trading apps that show fictitious profits to encourage greater investment - tactics reported in similar cases elsewhere.

Cybercrime experts caution investors to verify the authenticity of trading platforms and advisors, avoid unsolicited investment offers on social media or messaging apps, and be wary of schemes that promise guaranteed high returns with little risk.