A 45-year-old Assistant General Manager at Bank of India became a victim of cyber fraud and lost ₹1.35 crore, which she believed she was investing. The incident was reported to the Cyber West Police, who registered a cheating case on Thursday.
How the Fraud Happened
The victim, a resident of Juhu, shared her experience with the police. She explained that on December 9, 2024, she was added to a WhatsApp group by a person named ‘Sovit Dwivedi’. This person shared information about investment schemes in the stock market and tips for earning money through trading. After observing the conversations in the group, the woman became interested in investing and potentially making a large profit
Soon after, two women, who claimed to be Dwivedi’s associates, reached out to the victim. They instructed her to download two mobile applications: QuantsAIS and Angel One. The fraudsters then took her Aadhar number and provided her with a user ID and password to create an account on the apps.
Believing the investment opportunity was legitimate, the victim transferred her money to several bank accounts provided by the fraudsters. Between December 10, 2024, and January 21, 2025, she made over 20 transactions, transferring more than ₹1.35 crore.
As the victim made these transfers, the apps showed her virtual shares and displayed profits that reached ₹6 crore. However, when she tried to withdraw the profits, she found that the withdrawal process wasn’t working.
She reached out to customer service, requesting a transfer of her profits, but received unsatisfactory responses. When she asked for a refund of her initial investment, the fraudsters began avoiding her calls. Eventually, the victim realized she had been scammed and reported the incident to the police.
The Cyber West Police Station has now registered a case of cheating, among other charges, under the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000. The police are currently investigating the matter, but the fraudsters remain unknown.
This incident serves as a warning to be cautious of fraudulent investment schemes, especially those introduced via social media or unknown contacts. Always verify investment opportunities before transferring any money.
