Mumbai Cyber Fraud: Retired Ship Captain Rs 11.16 Cr Loss In Fake Stock Market Investment

A shocking case of cyber fraud saw a retired ship captain from theColaba area of Mumbai lose a staggering Rs 11.16 crore to fraudsters promising him massive returns in the stock market. The 75-year-old victim, Zhakshis Kosa Wadia, has lodged a complaint with the South Regional Cyber Cell, which is now investigating the case.

How the Fraud Unfolded

The fraud started on 19 August 2024, when Wadia was added to a WhatsApp group called “Motilal Oswal Investment Club 17.” As time passed, the initial group, which seemed like a genuine investment advice providing stock market platform, started gaining the trust of Wadia.

Wadia was then sent a link to open an account under the name Motilal Oswal OTC. After opening the account, he was contacted by a woman named Ananya Smith, who introduced herself as an investment guide. Smith convinced Wadia to make large investments, promising high returns and offering continuous updates on his investment progress.

A Total of Rs 11.16 Crore Transferred

Acting on Smith’s advice, Wadia transferred a total of Rs 11,16,61,161 across 22 different bank accounts for his investments. The fraudsters even created a fake app to show Wadia significant profits on his investments, further fueling his belief in the legitimacy of the scheme.

Fraudsters Demand 20% Tax Payment

The situation took a turn when Wadia tried to withdraw his funds and was told by Ananya Smith that he needed to pay a 20% tax on his profits. This demand raised red flags for Wadia, prompting him to contact the Motilal Oswal company directly. Upon inquiry, he learned that the entire investment scheme was fraudulent, and the company had no association with the individuals involved.

Cyber Cell Investigation Underway

Realizing he had been scammed, Wadia promptly filed a complaint with the South Regional Cyber Cell. The Cyber Cell is currently pursuing an investigation, attempting to track down the culprits behind the fraud. At present, the two suspects remain unidentified.

This case highlights the growing concerns over cyber fraud targeting individuals, particularly older adults, through seemingly trustworthy investment platforms. Authorities have urged the public to exercise caution and verify the legitimacy of such investment opportunities to avoid falling victim to similar scams.