Thousands of Mumbaikars have fallen for elaborate share market scams this year, losing crores to fraudulent trading platforms that promised quick profits and effortless returns. A recent report by the Free Press Journal highlighted that Mumbai Police registered 665 share investment fraud cases involving losses of nearly Rs 400 crore between January and September this. Out of 3,372 cybercrime complaints filed during this period, these cases stood out for both their sophistication and scale.
Police have solved only 175 of them, arresting 210 accused so far. The rest remain open, a reminder that the hunt for these digital con artists is far from over, the report added.
Deep dive into modern investment trap
This isn’t the old “phishing mail” playbook anymore. The scams are calculated, patient, and disturbingly professional. Fraudsters build entire ecosystems of fake trading platforms, cloned websites, and WhatsApp groups that look legitimate, as per the report.
They begin small. Victims are added to “stock tips” groups or receive friendly messages claiming insider knowledge. Once trust builds, the targets are coaxed into trying a platform that shows “live profits.” The gains look real until the day withdrawals stop working. Within hours, the entire setup vanishes.
What makes the 2025 wave different is the use of deepfakes. Mumbai Cyber Police recently busted a racket using artificially generated videos of known business anchors and market experts, apparently endorsing these platforms. The videos were clean, the voices accurate almost indistinguishable from real broadcasts. That illusion was enough to make hundreds believe, as per the Free Press Journal report.
Keep your investment safe: Five rules every investor should follow
The big question then is how to keep your investment safe. Here are some key pointers tha investors must watch out for-
1. Never download apps from shared links
If the app didn’t come from an official store or verified website, skip it. Always check if the platform or broker is registered with SEBI or a recognised exchange. Fraudulent apps often have near-identical names and logos; they don’t go by design, go by verification.
2. Ignore unsolicited investment messages
No real analyst will DM you on WhatsApp or Telegram promising insider stock tips. That’s bait. The moment someone pushes you to “act fast” or “not miss out,” assume it’s a trap.
3. Cross-check credentials
Ask for the intermediary’s registration number, office address, and landline. Then check those details independently. Don’t rely on screenshots or links sent by the same person selling you the scheme.
4. Test before you trust
Deposit a small amount, then try to withdraw it. Genuine platforms process withdrawals smoothly. Fake ones will delay, charge “fees,” or simply block access. That one test can save lakhs.
5. Report immediately if duped
Speed matters. If scammed, call the 1930 cyber helpline and file a complaint at cybercrime.gov.in. Share every screenshot, chat log, and transaction detail. The sooner the alert, the better the chance of freezing the funds.