Retired Couple Loses Life Savings in Elaborate Online Fraud Scheme

On June 24, 2025, an elderly couple from Mumbai, a retired petroleum company administrator and a former BMC schoolteacher, fell victim to an elaborate online share trading fraud. The couple, who depend on their pension to sustain themselves, had their life savings of Rs 1.7 crore stolen through a scam operated by cyber criminals.

The incident began when the husband was added to a WhatsApp group managed by several administrators, including individuals using different mobile numbers. The group's main administrator and two others, claiming to represent a company registered with the Securities and Exchange Board of India, shared what appeared to be official documents and asked the group members to download an app and register using a link to make investments.

Trusting the representations, the husband created an online account on the site and initially invested Rs 50,000. Over the following months, he transferred an additional Rs 1.7 crore to various accounts provided by the accused for the purchase of recommended shares. However, the couple later discovered that both the company and the investment group were completely fake. The WhatsApp group was deleted, and all contacts became unreachable.

The east cyber police have registered an FIR under Sections 420 and 34 of the Indian Penal Code, along with relevant provisions of the Information Technology Act, against unknown persons. An investigation is currently underway to trace the accused and the stolen funds.