Mumbai Retired Hotelier Duped Of ₹49 Lakh In Fake IPO Trading Scam Via WhatsApp

Mumbai: An 82-year-old retired hotel businessman from Lower Parel was allegedly duped of Rs 49.24 lakh in a sophisticated online share trading and IPO investment scam operated through WhatsApp groups and fake trading platforms. Based on his complaint, the East Regional Cyber Police Station has registered a case against multiple accused persons and unidentified bank account holders involved in the fraud.

According to FIR, Complainant senior citizen, a resident of Lodha Park Marquis on Pandurang Budhkar Marg, Lower Parel, was contacted on March 15, 2026, through WhatsApp by a woman identifying herself as “Sunita Agarwal.” She claimed to be associated with HDFC Securities and offered guidance to senior citizens on share market investments and trading opportunities.

The complainant was subsequently informed that a senior official named “Dhiraj Relli” would provide him with stock trading advice. After expressing interest, he was added to a WhatsApp group titled “(D-994) HDFC Securities Limited,” which allegedly had nearly 100 members. The group administrators used multiple mobile numbers, including various mobile numbers.

The group regularly shared stock market and trading-related messages, which helped gain the victim’s trust. The accused later sent him a Microsoft Forms link and subsequently directed him to a website resembling an HDFC Securities trading platform. After entering his personal details on the website, a virtual trading account was allegedly created in his name, displaying an online balance and trading dashboard.

On March 23, 2026, the complainant deposited Rs 25,000 into a bank account provided by the accused after being instructed to contact “customer care” to activate trading facilities. The amount reflected in his virtual trading account, and he was initially shown profits from share purchases and sales carried out as per the instructions of the accused. He even successfully withdrew Rs 1,000 into his HDFC Bank account, further strengthening his confidence in the platform.

Later, on April 24, 2026, the accused persuaded him to invest in Initial Public Offerings (IPOs), promising returns of up to 100 percent. After he agreed, the accused claimed that a large number of IPO shares had been allotted to him and demanded Rs 64.07 lakh towards payment. When the complainant informed them that he did not possess such a large amount, he was told that part of the payment would be adjusted against the balance shown in his virtual trading account and that he only needed to deposit the remaining amount.

Believing the claims to be genuine, the complainant transferred money into several bank accounts provided by the accused between March 15 and May 6, 2026. The total amount transferred was Rs 49,24,998 through multiple transactions to accounts held in the names of firms such as S R Traders, New Volga Traders, Mahadev Enterprises, Swaroopansh Techno Craft OPC Pvt Ltd, P3 Bazaar Pvt Ltd, Brassblend Craft Pvt Ltd and others.

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However, when he later attempted to sell the IPO shares and withdraw his funds, the accused stopped responding to his calls and messages. Realising that he had been cheated, the complainant contacted the national cybercrime helpline 1930 on May 6, 2026.

The complainant also submitted WhatsApp chats, screenshots and transaction details to the police as evidence. Based on the complaint, the East Regional Cyber Police have registered an FIR against the WhatsApp users posing as representatives of HDFC Securities, the holders and users of the beneficiary bank accounts, and their associates for allegedly cheating the complainant through a fake online trading and IPO investment scheme. Further investigation is underway.