Archive · 7 Oct 2026
Retired Health Official Loses Rs 5.10 Crore in Share Fraud
An 87-year-old retired health official was contacted about investing in shares.
Police say a woman added him to a WhatsApp group with investment information.
He sent Rs 5.10 crore to bank accounts chosen by the people behind the scheme.
An online trading account appeared to show a much larger profit, but he could not withdraw his money.
The people then asked for more money for an IPO and a commission.
He reported the suspected fraud to cybercrime authorities.
Police arrested two men accused of letting the fraud network use their bank accounts.
Investigators are trying to identify the main operators and trace the remaining funds.
An 87-year-old retired Maharashtra health department official from Malad allegedly lost Rs 5.10 crore in a share-investment fraud.
Police said a woman contacted him in July and added him to a WhatsApp group sharing market information and share recommendations under a private firm's name.
The trading platform purportedly showed profits of Rs 32.05 crore, but the victim's withdrawal attempts repeatedly failed.
The fraudsters allegedly demanded more money for an IPO purchase and a 10 per cent commission before permitting withdrawals.
Two men were arrested in Andheri for allegedly providing bank accounts to the fraud network; police are investigating the other operators and tracing remaining funds.
- Who
- An 87-year-old retired Maharashtra health department official was allegedly defrauded; two men were arrested.
- What
- The victim allegedly lost Rs 5.10 crore in a share-investment fraud.
- When
- The victim received a phone call in July; the reports are dated October 7.
- Where
- The victim lives in Malad, and the two arrested men were apprehended in Andheri, Mumbai.
- Why
- Police said the fraudsters used promises of high returns from share trading to induce the victim to transfer money.
Police allegations
Accused persons' response
Use of bank accounts
Police allegations
Police allege the two arrested men let the fraud network use their bank accounts and routed proceeds to the main perpetrators.
Accused persons' response
The reports provide no response from the arrested men.
Investment scheme
Police allegations
Police say the victim was lured by promises of high returns and then faced failed withdrawals and demands for additional payments.
Accused persons' response
The reports provide no response from the alleged fraudsters.
- Victim
- An 87-year-old retired Maharashtra health department official
- Reported loss
- Rs 5.10 crore
- Purported platform profit
- Rs 32.05 crore
- Contact method
- A phone call followed by a WhatsApp group sharing market information and share recommendations
- Additional demands
- Further money for an IPO purchase and a 10 per cent commission before withdrawals
- Arrests
- Two men, apprehended in Andheri by Cyber Cell (North Regional Division) officials
- Investigation
- Police are seeking the main operators and tracing the remaining funds
