Mumbai Businessman Duped of INR 11 Crore in WhatsApp Stock Trading Scam, Probe On
A 68-year-old businessman from south Mumbai’s Churchgate area was allegedly cheated of INR 11 crore in an elaborate online stock trading scam that operated through WhatsApp groups and a fake trading application, police officials said.
Mumbai, January 23: A 68-year-old businessman from south Mumbai’s Churchgate area was allegedly cheated of INR 11 crore in an elaborate online stock trading scam that operated through WhatsApp groups and a fake trading application, police officials said. According to the complaint, the victim, who runs a logistics business, was searching online for stock market investment opportunities when he came across an advertisement promising high returns. Soon after, he received a WhatsApp message from a man identifying himself as Mohan Sharma, who claimed to be a professional stock market advisor.
The businessman was then added to a WhatsApp group named “TRADER TITAN VIP 46”, where daily screenshots showing hefty profits were regularly shared. These posts created an impression of a legitimate and successful trading platform. Group administrators claimed that Sharma was associated with an international firm called WAR-BURG, and that a person named Alex was its general manager. Digital Arrest Scam in Mumbai: 75-Year-Old Retired BMC Official Duped of INR 16.5 Lakh by Fake ATS, NIA Officers Over ‘Delhi Bomb Blast Probe’.
To begin trading, the victim was persuaded to become a “premium member” and was sent a link to download a trading app. An “institutional account” was allegedly opened for him on the app. Whenever the businessman transferred money to bank accounts shared by the accused, the same amount appeared instantly in the app’s wallet, reinforcing the belief that real-time trading was taking place. Belagavi Chit Fund Scam: Over 100 Women Allegedly Cheated of Crores After Agents Befriended and Trapped Them in Fraudulent Scheme.
Over time, he was also added to other WhatsApp groups, including “Wings of Freedom Group A-1” and “Wings of Freedom Group B”, where investment tips and trading training were shared. A woman named Ayesha Singh frequently contacted him with trading notes and advice, further building trust.
Between December 29, 2025, and January 19, 2026, the businessman transferred INR 10.98 crore through multiple transactions. Trouble began when he expressed his desire to stop investing and withdraw his funds. The accused stopped responding to calls and messages, all WhatsApp groups were abruptly shut down, and the fraudsters allegedly demanded an additional INR 8 crore as a “penalty”.
Realising he had been cheated, the victim approached the National Cyber Crime Helpline (1930) and later contacted the cyber police. Based on his complaint, an FIR has been registered against unknown persons under sections related to cheating, criminal conspiracy, identity theft, and misuse of electronic and social media platforms.
Police have initiated an investigation to trace the money trail and identify those behind the fake trading network, while urging citizens to remain cautious of unsolicited investment offers and WhatsApp-based trading schemes.
(The above story first appeared on LatestLY on Jan 23, 2026 03:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).