Palghar bank official loses Rs 46.41 lakh in stock trading fraud

A cooperative bank official from Palghar allegedly lost Rs 46.41 lakh in a cyber fraud after being lured into a fake stock trading scheme through WhatsApp groups. MBVV Police have registered a case against nine accused and launched an investigation

Palghar: A senior official of a cooperative bank in Maharashtra’s Palghar was allegedly duped of Rs 46.41 lakh by cyber fraudsters who lured him with the promise of lucrative returns through stock market trading, police said on Saturday.

Based on a complaint, the Mira-Bhayander Vasai-Virar (MBVV) police have registered a case against nine people, including administrators of a WhatsApp group identified as Abhinav Rajput, Vikrant Thakur, Nilam Agarwal and one Kavya, an official said.

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The complainant, a resident of Vasai and deputy manager of a cooperative bank branch in Mumbai, alleged that he was added to multiple WhatsApp groups related to investments between April and June 2024. The accused, posing as executives of reputed investment firms, convinced him to trade in stocks and sent him links to download mobile applications named ‘DRWAI’ and ‘IIFL’.

The official said the complainant was shown a fake SEBI registration certificate, following which he invested Rs 46.41 lakh through various bank transactions over two months.

He said the fraud came to light when the complainant saw a profit of more than Rs 8.12 crore reflected on the apps but was unable to withdraw his funds.

When he contacted the accused, they demanded an additional 10 per cent as ‘tax’ to release the money. After realising that he had been cheated, the victim approached the police.

A case has been registered under the relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act, and further investigation is underway, the official added.