Trader in Thane Duped of ₹4.11 Cr in Online Scam

Trader in Thane Duped of ₹4.11 Cr in Online Scam

Thane, August 18, 2025 — A garment trader from Manpada was conned out of ₹4.11 crore in an elaborate online investment scam that lured him with promises of high returns from forex and options trading. The case, registered with the Cyber Crime Police Thane, has prompted authorities to warn citizens against rising digital frauds promoted through unsolicited WhatsApp messages.

How the Scam Operated

According to investigators, the 42-year-old trader first received WhatsApp messages on March 18 from individuals posing as global investment representatives, identified as “Tracy Clark,” “Paul J. Detudor,” and “Cameron Shan.” Using both Indian and international numbers, they introduced him to a fake trading platform that appeared highly sophisticated.

Convinced by their claims, the victim began investing in March through multiple bank transfers and continued until July, eventually parting with over ₹4 crore. Between June 6 and July 10, the fraudsters allegedly intensified their pressure, urging him to invest more in order to “unlock” higher profit margins.

Attempt to Withdraw Exposes the Fraud

The scam unraveled when the trader tried to withdraw his supposed profits. The platform blocked requests, stopped updating balances, and eventually cut off all communication. When the numbers linked to the suspects went inactive, the victim realized he had been defrauded and reported the matter to the police.

Police Investigation Underway

An FIR has been filed under the BNS Act and the Information Technology Act, and cybercrime officers are now tracking the suspects digital footprint. Authorities are analyzing IP addresses, server details, banking transactions, and suspected links to cryptocurrency wallets used in the money trail.

A senior police official stressed that such scams are becoming increasingly sophisticated, blending legitimate-sounding financial jargon with well-designed digital platforms. “If an investment scheme appears too good to be true, it usually is,” the officer said, underlining the importance of vigilance.

Advisory for Citizens

The Cyber Crime Police in Maharashtra have urged citizens to remain cautious when dealing with unknown numbers or unsolicited investment offers on apps like WhatsApp. They advised verifying company credentials, avoiding direct transfers to strangers, and reporting suspicious schemes immediately.

This case highlights the growing trend of forex trading scams and WhatsApp investment fraud targeting unsuspecting individuals. Citizens across India are encouraged to familiarize themselves with how to report online trading fraud in India through official cybercrime channels.