Archive · 2 Sep 2026
Retired Mumbai LIC Employee Loses ₹97.70 Lakh in Trading Scam
A retired man in Mumbai saw an online advertisement promising big profits from stocks.
He was added to a WhatsApp group that appeared to offer investment advice.
People in the group allegedly claimed they were stock-market experts.
They told him he could earn very large daily returns.
The man transferred ₹97.70 lakh to different bank accounts.
A fake trading account showed that his money had grown into crores of rupees.
When he tried to withdraw it, he was asked to pay more fees.
He then became suspicious and reported the alleged fraud to cyber police.
A 61-year-old retired LIC employee from Goregaon West allegedly lost ₹97.70 lakh in a fake stock-trading scheme.
He reportedly responded to a Facebook advertisement on July 17, 2026, promising substantial investment returns.
Fraudsters allegedly added him to a WhatsApp group called “773 BNP Paribas Stock Research Group.”
The victim transferred the money between August 5 and August 27 after being promised daily returns of 5% to 20%.
A Mumbai cybercrime complaint has been registered, and police are investigating the suspects, bank accounts and fake platform.
- Who
- A 61-year-old retired LIC employee from Goregaon West was allegedly targeted; two people identified as Rani Deshmukh and Sanjay Singh allegedly posed as experts.
- What
- The victim was allegedly cheated of ₹97.70 lakh through a fake stock-trading platform.
- When
- He reportedly saw the advertisement on July 17, 2026, and transferred money between August 5 and August 27.
- Where
- The victim lives in Goregaon West, Mumbai, and the complaint was registered with the Mumbai North Region Cyber Police Station.
- Why
- The alleged fraudsters reportedly promised high daily returns and cheaper IPO shares, then demanded additional fees when the victim tried to withdraw his money.
- Reported loss
- ₹97.70 lakh
- Victim
- 61-year-old retired LIC employee
- Initial contact
- Facebook advertisement
- Messaging group
- “773 BNP Paribas Stock Research Group,” reportedly with around 195 members
- Promised returns
- 5% to 20% per day
- Transfer period
- August 5 to August 27
- Additional demand
- A 20% service fee and an additional ₹39.36 lakh