Mumbai Cyber Fraud: Mulund Finance Consultant Loses ₹74.35 Lakh to Fake WhatsApp Trading Group

Mumbai: What seemed like a promising opportunity to grow his savings turned into a financial nightmare for a Mulund-based finance consultant, who was allegedly duped of a staggering ₹74.35 lakh in an online share trading scam.

The victim, 45-year-old Dinesh Ramanlal Panchal, has filed a complaint with the East Region Cyber Police, exposing how fraudsters posing as stock market advisors trapped him through a seemingly legitimate WhatsApp group.

A Friendly Message That Led to a Massive Scam

According to the FIR, the ordeal began on July 2, 2025, when Dinesh received WhatsApp messages from Nikita Sharma, who contacted him using both international and Indian mobile numbers. She claimed to be a professional stock trading advisor and spoke in a reassuring, confident tone — the kind that builds quick trust.

She soon added him to a WhatsApp group titled “1103 Premier Tutorial”, which was administered by Nikita and a man named Raja Kumar.

The Perfect Illusion of Success

Inside the group were more than 100 members, all actively discussing stock trades. Every day, purported screenshots of high profits were shared, celebrating supposed earnings with messages like:

“Earned ₹27,000 today in just 20 minutes! Thank you Nikita ma’am!”
“Best trading group ever!”

It appeared convincing — almost too convincing.

For someone with a financial background like Dinesh, the setup looked professional and systematic. Believing it to be a legitimate advisory group, he began investing gradually. But with every successful “trial” profit shown to him, he was encouraged to invest higher amounts.

From Trust to Betrayal

Over the following days, Dinesh transferred ₹74.35 lakh across multiple accounts as instructed by the group admins, expecting timely returns. But soon after the payments were made, communication slowed — and then stopped altogether.

The WhatsApp group vanished. The advisors went offline. His money was gone.

Complaint Registered, Investigation Underway

Realising he had been conned, Dinesh approached the East Region Cyber Police, who have now registered a case and begun tracing the mobile numbers and bank accounts used in the fraud.

A Growing Trend of WhatsApp Investment Scams

This incident highlights a rising pattern of scams where fraudsters use pre-planned WhatsApp groups, fake identities and doctored screenshots to lure victims into high-value investments.

A Cautionary Reminder

If a trading group constantly flaunts profits but avoids transparency about regulations or licenses — treat it as a red flag. Even financially aware individuals like Dinesh can fall prey when manipulation is expertly crafted.