Mumbai Cyber Scam Shocker: Woman Loses Rs 27 Lakh to Fake Trading App
Woman loses Rs 27 lakh to a fake trading app scam in Mumbai.
Cyber Police have cracked down on a sophisticated share trading scam, arresting a 28-year-old man who allegedly swindled a 58-year-old Dahisar woman out of Rs 27.44 lakh. The fraud, orchestrated through WhatsApp and a counterfeit trading app, is linked to over 100 similar cases nationwide, exposing a sprawling cybercrime network.
The scam began when the victim was contacted via WhatsApp by someone posing as "Shivani," who lured her into a group called TBVIP168, offering fraudulent share market tips. The victim was then directed to install a fake trading app via a suspicious link. Designed to mimic legitimate platforms, the app displayed fictitious profits to build trust, tricking the woman into believing she was earning big.
Enticed by these fake returns, she was coerced into transferring funds to various bank accounts for supposed IPO and block deal investments. On June 3 alone, she sent Rs 4 lakh, with Rs 2.3 lakh quickly funneled to secondary accounts. Over time, her losses totaled Rs 27,44,236.
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Following her complaint, the Cyber Police filed an FIR under the Bharatiya Nyaya Sanhita (BNS) and IT Act. Using digital forensics and on-ground intelligence, they traced the money to Vinayak Pramodkumar Baranwal, a Thane resident, who was arrested for knowingly allowing his bank account to facilitate the scam and profiting from it. A mobile phone was seized from him.
Investigations revealed Baranwal’s account was linked to 106 other cyber fraud complaints across India, hinting at a larger, organized syndicate. “This scam used fake apps and social engineering to exploit trust, creating an illusion of profitability,” said a senior cyber unit officer.
Police are now urging the public to stay vigilant, avoid unsolicited investment offers on social media, refrain from sharing bank details with strangers, and report suspicious activities immediately to curb such cybercrimes.
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