Mumbai Police’s North Region Cyber Cell has arrested two individuals in a high-value cyber fraud case involving a Goregaon-based woman who lost Rs36.56 lakh through a fake stock trading platform. The accused have been identified as Pankaj Prabhakar Lohar and Dharmesh Dhirajlal Chawda.
The victim, an active stock market investor, was initially lured through a social media ad promising high returns on trades. She was added to a WhatsApp group that shared stock tips and testimonials of fake profits. Soon, an admin claimed their firm was SEBI-registered and guaranteed large returns.
After downloading the fake trading app and entering her personal details, the woman gradually invested Rs36,56,118. The app falsely displayed profits rising to Rs2.82 crore. But when she tried to withdraw the money, she received only Rs5,000. All communication with the group was later cut off.
Realizing the scam, she filed a complaint on the Cyber Crime Reporting Portal and with the Mumbai North Cyber Police Station. An FIR was lodged under sections of the IPC and IT Act.
Police traced the fraud to Lohar and Chawda, who had opened multiple bank accounts used to launder the stolen funds. They confessed to working with others in a broader cybercrime ring. Authorities are now working to identify the main masterminds and other potential accomplices.
The cyber cell has urged citizens to verify the authenticity of any investment platform via official SEBI records and avoid trusting WhatsApp groups or unsolicited online tips.
