Navi Mumbai Woman Loses ₹1.41 Crore In Fake IPO Scam

A 59-year-old woman entrepreneur from Nerul, Navi Mumbai, was allegedly duped of ₹1.41 crore by cyber fraudsters who lured her with promises of high and assured returns from IPO investments. The incident occurred between July 20 and August 5, 2026.

The accused allegedly used a fake investment application and a WhatsApp group to convince her that her investment had grown to ₹3.01 crore. The woman was contacted on WhatsApp by a woman identifying herself as Ananya Srinivasan, who claimed to be associated with Exclusive Securities Limited, a SEBI-registered company.

The fraudsters instructed the woman to download an application named 'Exclusive' and added her to a WhatsApp group. They then directed her to transfer money through various bank transactions. Acting on their instructions, the woman transferred ₹1.41 crore to bank accounts allegedly provided by the accused.

The fake application subsequently showed that her investment had generated profits, with the total amount displayed as ₹3.01 crore. However, when the woman attempted to withdraw the money, she was unable to do so. The accused then demanded an additional 10 per cent payment under the pretext of a 'risk management system' to facilitate withdrawal of the funds.

The woman became suspicious and contacted the concerned company's office to verify the claims. She was informed that Ananya Srinivasan had already left the company and that SEBI had imposed restrictions on the company. Realising that she had been cheated, the woman approached the cybercrime portal and the Navi Mumbai Cyber Police.

The Navi Mumbai Cyber Police have registered a case against unidentified persons under Sections 318(4), 319(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66(D) of the Information Technology Act. The police are now tracing the bank accounts to which the money was transferred and examining the digital and communication trails to identify the accused.

The incident highlights the need for investors to be cautious when receiving investment offers through WhatsApp or other social media platforms. According to a police officer, investors should not trust investment offers without verifying the credentials of the company. Fraudsters often use fake applications and display fictitious profits to gain the victim's confidence.

People should immediately report suspicious transactions to the cybercrime helpline and police. The police are urging citizens to be vigilant and to verify the authenticity of investment offers before making any transactions.

The case is currently under investigation, and the police are working to identify the accused and recover the lost amount. The incident serves as a reminder of the importance of being cautious when dealing with online investments and to always verify the credentials of the company before making any transactions.

In recent times, there have been several cases of cyber fraud in Navi Mumbai, and the police are taking steps to increase awareness and prevent such incidents. The police are also working to improve their cybercrime infrastructure to better deal with such cases.

The incident has caused a significant financial loss to the woman, and it is hoped that the police will be able to recover the lost amount and bring the accused to justice. The case is a reminder of the need for citizens to be vigilant and cautious when dealing with online investments and to always verify the credentials of the company before making any transactions.

In conclusion, the incident highlights the need for investors to be cautious when receiving investment offers through WhatsApp or other social media platforms. It is essential to verify the credentials of the company and to be aware of the risks involved in online investments. The police are working to prevent such incidents and to bring the accused to justice.