MUMBAI: An 87-year-old retired Central government officer lost ₹5

Published on: Oct 6, 2026, 07:55:20 IST

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MUMBAI: An 87-year-old retired Central government officer lost ₹5.10 crore after cyber frauds posing as representatives of a Switzerland-based wealth management firm lured him into a fake share investment scheme, showing inflated returns of nearly ₹32 crore on a bogus investment app to persuade him to keep putting in more money.

The frauds told the Malad resident that he could earn substantial returns by investing through their firm and added him to a WhatsApp group purportedly comprising high-net-worth individuals (HNIs), where members allegedly shared screenshots and messages claiming to have made huge profits. Convinced that he was investing through a legitimate Swiss wealth management company, the pensioner transferred ₹5.10 crore in 43 transactions over two months, police said.

The fraud came to light on September 27, when the man, who lives with his wife and regularly invests in the share market, tried to withdraw part of the ₹32 crore balance displayed on the investment app. He was instead asked to pay a 10% commission, followed by demands for taxes and other payments. When the frauds refused to deduct the charges from the money shown in his account, he became suspicious and approached the police.

According to North Region Cyber police, the fraud began in July when the complainant received a call from a woman who identified herself as Sonal Naik and claimed to represent a Switzerland-based wealth management and investment firm. She asked him if he was interested in investing in the share market. After he told her that he regularly invested in shares, she added him to a WhatsApp group that she claimed was meant for HNIs.

A police officer said the group was used to build credibility and lure members into investing larger sums. The frauds regularly discussed investment opportunities and claimed that members were earning exceptionally high returns through the purported Swiss firm. Several members also allegedly posted messages about their profits, creating the impression that the investment scheme was genuine.

The frauds subsequently asked the complainant to fill out forms and sent him a link to download their mobile application, through which he was told he could invest in the share market.

“From July 21, the complainant started investing by transferring money to bank accounts provided by the frauds. He could also see the amounts he had invested reflected in the mobile application,” said a police officer.

As the application began showing substantial returns on his initial investments, the pensioner continued to invest. Between July 21 and September 27, he transferred a total of ₹5.10 crore through 43 online transactions into bank accounts provided by the frauds.

On September 27, the application showed his virtual account balance had risen to around ₹32 crore. Believing that he had made a massive profit, the pensioner decided to withdraw some of the money.

However, when he approached the purported representatives of the firm, they told him that he first had to pay a 10% commission. When he suggested that the commission be deducted from the ₹32 crore displayed in his account, the frauds refused and subsequently demanded that he pay taxes and other charges.

The escalating demands raised the pensioner’s suspicions, following which he contacted the cyber police helpline and lodged a complaint.

Based on his complaint, the North Region Cyber police registered an FIR against the unidentified accused under relevant sections of the Bharatiya Nyaya Sanhita for cheating, forgery and personation, as well as provisions of the Information Technology Act. Police are investigating the bank accounts used to receive the money and the identities of those involved in the fraud.

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