Article:
In a shocking incident, a 68-year-old businessman from Mumbai has fallen victim to an online trading scam, losing nearly Rs 11 crore. According to reports, the incident occurred between December 29, 2025, and January 19, 2026, during which the businessman transferred a total of Rs 10.98 crore into various bank accounts. The scammer, who claimed to be a stock market advisor, targeted the elderly businessman through a popular social media platform, WhatsApp.
The scammer, identified as Mohan Sharma, introduced himself as a representative of an international company and claimed to have a team of experienced advisors. He created a WhatsApp group, where he shared screenshots of fake profits made by other investors. The group administrators claimed that Mohan Sharma was associated with a reputable company, and his general manager was identified as Alex.
As the scam progressed, the businessman was convinced to become a premium member and was asked to download a trading app through a link. The app created an “institutional account” in the businessman’s name, which seemed legitimate. The scammer promised the businessman that his investments would yield returns, and each time he transferred money, it would appear in the app’s wallet. However, the businessman soon realized that he had been duped.
When the businessman tried to withdraw his money and stop investing, the scammer and his associates cut off communication, deleted the WhatsApp group, and demanded an additional Rs 8 crore as a penalty. It was only then that the businessman realized he had been scammed.
The victim filed a complaint with the National Cyber Crime Helpline and later approached the cyber police. The police registered an FIR under sections related to cheating, conspiracy, identity theft, and misuse of electronic and social media.
This incident highlights the risks of online trading scams and the importance of verifying the credibility of investment opportunities. It is essential for individuals to be cautious when dealing with unsolicited investment offers and to report suspicious activities to the authorities.
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