Online share trading scam: Cyber police probe two cases involving fake WhatsApp trading groups and fraudulent investment apps
Mumbai: Two residents from the city have become victims of a large-scale online investment scam, losing a total of ₹3 crore after being promised 200% profits through share trading platforms promoted via WhatsApp. The cyber police of the west region have launched investigations into the cases, which point to a coordinated fraud involving fake apps, manipulated profit dashboards, and false claims of IPO subscriptions, reported timesofindia.indiatimes.com.
Both victims were added to WhatsApp groups where fraudsters, posing as professional share trading experts, tricked them into investing large sums
In the first case, a transport businessman was contacted through a WhatsApp message under the guise of a well-known share trading firm. After being added to two WhatsApp groups administered by Sharon Trivedi, Mehul Goyal, and others, he was lured into downloading a trading app and promised a 200% profit. Convinced by fake dashboards and the professional tone of the admins, he transferred ₹2.53 crore across 12 transactions to various bank accounts. His attempts to withdraw the supposed returns were blocked, and further demands were made for additional deposits. Realizing the fraud, he approached the police.
In another case, a start-up employee was conned into investing ₹40 lakh after being manipulated with fake IPO promises
A 50-year-old professional came across an online advertisement promoting a similar share trading platform. After clicking the link, he was also added to a WhatsApp group led by the same set of accused.
He was instructed to download an app and deposit money into bank accounts provided by the group. Initially able to withdraw just ₹100, he went on to invest ₹40.54 lakh. Later, Trivedi falsely claimed that his investment had grown to ₹2.18 crore, and that an IPO worth ₹3.09 crore had been subscribed in his name—asking him to deposit an additional ₹91.55 lakh. When he declined and requested a refund, she refused.
The cyber cell is currently tracking the digital and banking trail of the fraudsters. The names of the accused—Trivedi and Goyal—have appeared in both complaints, suggesting a common network behind the scam.
