Mumbai: In yet another case highlighting the growing menace of cyber fraud targeting senior citizens, a 79-year-old doctor from Powai has lost nearly ₹25 lakh in an online share trading scam. The Cyber Cell of Mumbai Police’s Western Region has arrested two suspects — Prashant Chaudhary and Richard Rao — for their alleged role in the fraud.
According to police, the accused were in contact with cyber fraudsters and had opened multiple bank accounts used to channel funds from victims. They allegedly received commissions for providing these accounts, which were used to launder money.
The fraud began on July 17, when the doctor received an unsolicited WhatsApp message promoting stock market investments, along with a link to an exclusive trading group. After joining, he was lured into investing through a fake trading platform that mimicked legitimate apps, displaying false dashboards and inflated profits.
Initially, the platform showed high returns, convincing him to invest further. In total, he transferred around ₹25 lakh. However, when he tried to withdraw funds, the fraudsters denied requests, citing a “low score” and demanding more investment. Once he refused, all communication ceased.
The doctor then filed a complaint with the Cyber Cell, leading to the arrests. A case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the IT Act.
Police suspect the two arrested are part of a larger cybercrime network and are tracing the masterminds. Authorities have warned citizens to be wary of online investment offers that promise unrealistically high or guaranteed returns.
