A 75-year-old businessman from Navi Mumbai has allegedly been cheated of Rs 1.08 crore after being promised high returns in share market investments, police said on Sunday, reported news agency PTI.
The victim, a resident of the Vashi area in Navi Mumbai, last month clicked on an advertisement that he came across on Facebook promising lucrative returns for investments in the share market, reported PTI.
He was subsequently added to a WhatsApp group and directed to various fraudulent websites to set up a trading account. Between December 5, 2025, and January 6 this year, the victim was deposited Rs 1.08 crore into various accounts in 18 separate transfers, a cyber police official said.
To gain his trust, the fraudsters initially showed his "profits" growing to over Rs 4 crore on the platform.
However, when the victim attempted to withdraw his funds, the fraudsters demanded further payments under the guise of taxes and IPO subscription fees, the official said, reported PTI.
He then filed a complaint through the National Cyber Crime Reporting Portal.
The Navi Mumbai Cyber Police registered an FIR on January 29 against two unidentified persons under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act for cheating.
Case against Dubai-based man for duping Navi Mumbai businesswoman of Rs 43 lakh
In another case, the Navi Mumbai police have registered a case against a Dubai-based individual for allegedly duping a local businesswoman of Rs 43.41 lakh under the pretext of lucrative business investments, police said here Sunday, reported PTI.
The 44-year-old woman, engaged in the e-commerce business and residing in the Old Panvel area of Navi Mumbai, saw an advertisement on Instagram in 2023 for a dealership in prayer mats and garments.
After contacting the listed WhatsApp number, she began communicating with a man who claimed to be based in Dubai.
Over several months, the man won her trust and asked her to invest additionally in rental properties for bachelors, promising an annual profit of Rs 1.20 lakh per house, and purchasing cheap laptops from the US for resale with a 15 per cent profit margin, a police official said, reported PTI.
Between June 21, 2023, and February 5, 2024, the victim transferred Rs 43,41,350 to different accounts using her own funds and those of her father, husband and sister, he said.
Despite multiple follow-ups, the accused failed to provide any returns or refund the principal amount, the official said, reported PTI.
The victim later approached the police, who registered a case on January 30 against the man on charges of cheating, he said.
(With inputs from PTI)
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