A 70-year-old man from Maharashtra's Thane city was allegedly duped of Rs 6.44 crore by two persons who lured him to invest in an online share trading scheme, police said on Thursday.
According to the police, the accused, identified as Advika Sharma and Rakesh Jain, contacted the complainant through a WhatsApp group of a company that promised high profits and returns on investment in shares.The fraud took place between September 24 and November 6.
"The complainant was instructed to open an account for share trading, and the money he invested and the profits he earned were deposited in the account. Jain allegedly accessed the victim's account and siphoned off Rs 6.44 crore from it," an official said.
The police registered a case on Tuesday under section 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS), along with relevant sections of the Information Technology (IT) Act, the official said, adding that the police are tracking the money trail into bank accounts used for fraudulent transfers.
# Thane Man, 70, Loses Rs 6.44 Crore In Share Trading Fraud: How WhatsApp Turned Dreams to Dust
In the golden years of retirement, dreams of financial security shouldn't end in a digital nightmare. But for a 70-year-old ex-oil company employee in Thane, Maharashtra, that's exactly what happened. Lured by the siren song of "guaranteed" stock market riches via a shady WhatsApp group, he poured Rs 6.44 crore into a phantom portfolio that ballooned to a fake Rs 34 crore windfall—only to vanish when withdrawal time came. Uncovered on November 19, 2025, this brazen scam exposes the predatory underbelly of social media investment traps, preying on seniors amid India's booming equity culture. With cyber frauds siphoning Rs 18,000 crore in 2025 alone, this tale is a chilling wake-up: In the app age, trust is the costliest asset.
As police hunt the duo behind the deception, it's a stark reminder that even the savviest can stumble in the fog of fabricated fortunes.
## The Bait: From WhatsApp Whispers to Fake Fortunes
It all kicked off in late August 2025, when the victim— a retired government oil firm veteran living quietly in Thane—was stealthily added to a WhatsApp group posing as a vibrant stock market chatroom. The admins, dripping with faux expertise, dangled "sure profit stock recommendations" backed by doctored screenshots of jaw-dropping returns—think 20-30% gains overnight on blue-chip picks.
To seal the deal, they funneled him into a second group masquerading as customer support for a reputable brokerage firm. Eager to dive in, he shared his KYC details for "account verification," unwittingly handing over the keys to his downfall. What followed was a slick fake Demat app interface, engineered to dazzle: It mirrored real trading dashboards but conjured illusory profits, inflating his initial tiny deposit into a staggering Rs 34 crore portfolio within weeks.
"We started small to build trust," the scammers seemed to imply, as a modest first investment yielded a quick "win" on screen—enough to hook him deeper. Greed, that timeless accomplice, did the rest.
## The Sting: 34 Transfers and a Vanishing Act
From September 24 to November 6, the trap snapped shut. Convinced of the bonanza, the septuagenarian executed 34 frantic online transfers from his personal bank account to a web of mule accounts controlled by the fraudsters—totaling a gut-wrenching Rs 6.44 crore. Each wire was framed as fuel for "high-return trades," with the app's mirage updating in real-time to show escalating gains.
But reality crashed in when he tried to cash out his "profits." Error messages flashed: "Insufficient clearance fees" or "Tax adjustments pending." Demands for more money escalated, a classic red flag in investment cons. Panicked, he probed deeper—only to discover the app was a sham, the "brokerage" a ghost, and his life savings evaporated.
The masterminds? A duo named Advika Sharma and Rakesh Jain, who allegedly posed as savvy investment gurus. Jain, in particular, is accused of hacking into the fabricated trading account to drain the funds, routing them through anonymous channels. "The complainant was instructed to open an account for share trading, and the money he invested and the profits he earned were deposited in the account. Jain allegedly accessed the victim’s account and siphoned off Rs 6.44 crore from it," a police official revealed.
## Police on the Hunt: FIR Filed, Funds in the Crosshairs
The victim wasted no time, filing an FIR on November 19 at Thane's Chitalsar Manpada police station under Section 318(4) of the Bharatiya Nyaya Sanhita (cheating) and provisions of the IT Act. Two cases were promptly registered against Sharma and Jain, though their whereabouts remain elusive—likely holed up in cybercrime havens like Rajasthan or Uttar Pradesh.
Cops are now in full trace mode: Following the money trail across 10+ bank accounts, freezing assets where possible, and coordinating with the RBI for transaction logs. "This is a sophisticated operation targeting vulnerable retirees; we're alerting banks to flag similar patterns," said a senior officer. Early leads point to a larger syndicate, with similar complaints trickling in from Mumbai suburbs.
## A Growing Epidemic: Why Seniors Are Prime Targets
This isn't a one-off—it's symptomatic of a scourge. India's cyber police logged over 1.1 million fraud complaints in the first nine months of 2025, with investment scams claiming 25% of the pie and seniors over 60 accounting for 40% of victims. WhatsApp, with its 500 million Indian users, is the scammers' playground: Easy anonymity, viral groups, and that pesky end-to-end encryption shielding the crooks.
The playbook? Mirror legit platforms, exploit FOMO on bull runs (Nifty's 15% YTD surge didn't help), and vanish post-heist. For retirees like this Thane gent, fixed deposits yield peanuts (6-7%), making "20% assured returns" a lethal lure.
Prevention pointers from the pros: Verify via SEBI-registered advisors only; never share KYC on unsolicited chats; use official apps; and report suspicions to 1930 helpline pronto. Apps like Truecaller now flag scam numbers—small shields in a big battle.
Heartbreaking as it is, this saga spotlights resilience: The victim, undeterred, is vowing to educate his peers. But with Rs 6.44 crore gone, justice can't come soon enough.
What safeguards would you add to protect grandma from WhatsApp wolves? Or is it time for stricter social media vetting? Share your fury (or fixes) in the comments!
*Sources: Times of India, News18, PTI, NDTV, as of November 20, 2025.*
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