Mumbai, July 22: In yet another case of cybercrime, a 62-year-old woman from Bandra lost INR 7.8 crore after investing in the share market through a trading app provided to her by fraudsters. The elderly woman was contacted by fraudsters posing as executives from a reputed wealth management firm on WhatsApp. They tricked her into joining a fake investment group and downloading a harmful app. Believing the scheme to be genuine, she invested over two months before realising she had been duped.

According to a report by the Times of India, the fraud began when the woman received a WhatsApp message in June from someone named Priya Sharma, who claimed to be an assistant to the Chief Investment Officer of a well-known wealth management company. Sharma persuaded her to join an investment group on WhatsApp that had 71 members, where trading tips were regularly shared. What Is an Online Share Trading Scam? As Mumbai Man Loses INR 3.63 Crore in 15-Day Fraud, Know How To Protect Yourself.

The woman was then introduced to another executive, Suman Gupta, who sent her a link to download the trading app. Unaware of the app’s malicious nature, she uploaded her PAN card and started investing. Over the next two months, the woman invested a total of INR 7.8 crore, carefully following the tips she received in the WhatsApp group. However, when she attempted to withdraw her funds, the app displayed a loss and demanded a 10% penalty to process the withdrawal. Share Market Investment Scam in Thane: Man Downloads Fake Trading App Mentioned in Facebook Ad, Duped of INR 47 Lakh.

This raised her suspicions, prompting her to investigate the firm’s credentials further. It soon became clear that the entire operation was a sophisticated scam designed to steal her money. Shaken by the discovery, the woman approached the West Region Cyber Police to report the fraud. A case has been registered, and the authorities have begun their investigation into the matter.

(The above story first appeared on LatestLY on Jul 22, 2025 03:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).