Navi Mumbai: Retired SIDBI Officer Loses ₹65.19 Lakh To Fake Trading App

A 73-year-old retired general manager of the Small Industries Development Bank of India (SIDBI) has been allegedly cheated of ₹65.19 lakh in an online share trading fraud in Navi Mumbai. The incident occurred after the retired banker was added to a WhatsApp group on June 23, where the group administrator claimed to offer expert stock market advice and promised unusually high returns through share trading.

The WhatsApp group appeared genuine, carrying an official-looking logo, which made the victim believe it was a trusted investment platform. The fraudsters then persuaded him to download a fake trading application through a link shared in the group. They also sent forged registration certificates, claiming they were issued by the Securities and Exchange Board of India (SEBI), to gain his confidence.

Believing the investment platform to be genuine, the retired official transferred ₹65.19 lakh between June 30 and July 22 in several transactions to different bank accounts provided by the accused. The fake trading application later showed that his investment had grown to ₹12.4 crore. However, when the victim tried to withdraw the money, the fraudsters demanded an additional ₹27 lakh as a processing charge.

They also allegedly threatened to freeze his account if he failed to make the payment. Realising that he had been cheated, the victim filed a complaint on the National Cyber Crime Reporting Portal, following which an investigation was launched. The Navi Mumbai Cyber Police registered a case on July 24 against unidentified persons under relevant provisions of the law.

The police have started an investigation to trace the accused and identify the bank accounts used in the fraud. The incident highlights the growing concern of online frauds and the importance of verifying the authenticity of investment platforms before making any transactions. The use of fake trading apps and forged documents has become a common modus operandi of fraudsters, and citizens are advised to be cautious while investing online.

The Securities and Exchange Board of India (SEBI) has been taking measures to prevent such frauds, and citizens are advised to check the registration status of investment platforms before investing. The incident also underscores the need for awareness and education about online safety and the importance of being vigilant while making online transactions.

In recent times, there have been several instances of online frauds reported in Navi Mumbai, and the police have been taking steps to prevent such incidents. The citizens are advised to be cautious and report any suspicious activities to the authorities. The investigation is ongoing, and the police are working to trace the accused and bring them to justice.

The incident serves as a reminder to citizens to be aware of the risks associated with online investments and to take necessary precautions to protect themselves from such frauds. It is essential to verify the authenticity of investment platforms and to be cautious while making online transactions. By being vigilant and taking necessary precautions, citizens can protect themselves from such frauds and ensure a safe online experience.

In conclusion, the incident of the retired SIDBI officer being cheated of ₹65.19 lakh is a stark reminder of the growing concern of online frauds. It highlights the importance of verifying the authenticity of investment platforms and being cautious while making online transactions. The police are working to prevent such incidents, and citizens are advised to be aware of the risks associated with online investments and to take necessary precautions to protect themselves.