A 48-year-old man from Thane, Maharashtra, fell victim to a sophisticated online trading scam, losing ₹40.99 lakh to fraudsters who lured him with promises of high returns on Initial Public Offerings (IPOs). The scam, which unfolded between May and June 2025, began when the victim encountered a trading advertisement on Facebook. He was subsequently added to a WhatsApp group where scammers, posing as investment experts, guided him to transfer ₹40,99,814 into multiple bank accounts.

The victim’s trading dashboard falsely displayed a balance of ₹88,39,072, creating an illusion of profit. However, when he attempted to withdraw the funds, the fraudsters demanded an additional 20% tax payment, raising red flags. Realizing he had been deceived, the man’s attempts to recover his money were futile, prompting him to file a complaint with the Vartak Nagar police.

On August 17, 2025, the police registered an FIR against two suspects, including a woman, under sections 318(4) (cheating) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita, along with provisions of the Information Technology Act. The case highlights a surge in cyber frauds in Thane, with recent incidents including a businessman losing ₹4.11 crore in a forex scam and a senior citizen duped of ₹47 lakh in a share trading fraud.

The police are investigating the money trail, suspecting the scammers may operate from overseas, and have urged the public to verify online investment schemes before transferring funds.

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