A senior vice president at a private bank, aged 44 and residing in Ulwe, Navi Mumbai, has lost Rs 38.14 lakh after falling victim to a sophisticated cyber fraud that promised extraordinary profits from stock market investments, as per various media reports. The case elucidated the growing menace of digital investment scams in India, schemes that imitate authenticity, exploit investor confidence, and vanish before victims can grasp what has happened.
The episode began in March 2025, when the banker was added to a WhatsApp group titled “300-ODMAX VIP Growth Circle.” The group appeared to operate as an exclusive investment forum, with discussions around high-return trading opportunities and initial public offerings. Among its members was a woman identifying herself as Naina Bhatia, who claimed to represent ‘Invesco Asset Management India’. Her communication carried an air of professionalism. She assured participants of SEBI-approved investment plans and guaranteed returns as high as 800 percent, as per reports.
As the engagement deepened, the banker was transferred to a Telegram group where alleged investors discussed market movements and shared supposed success stories. The operation was well-organised. Members used financial terminology fluently, exchanged trading screenshots, and spoke of upcoming IPO allocations and private placements. To an individual already familiar with the market, the structure appeared legitimate.
Over the next few weeks, the banker transferred more than Rs 38 lakh through online banking channels and cash deposits into accounts specified by the group’s coordinators. Each payment was acknowledged through digital receipts and login credentials to a trading portal that displayed remarkable returns. The interface showed his portfolio multiplying rapidly, reinforcing the illusion of profit.
The deception began to unravel when he attempted to withdraw funds. The portal restricted access to his account, and the withdrawal option was abruptly disabled.
Matters escalated when the banker requested funds for his wife’s medical treatment. Instead of assistance, he was met with coercion. The fraudsters urged him to invest additional sums, claiming it was necessary to release the earlier profits. When he refused, they resorted to threats, warning him of legal action and even physical harm.
Alarmed, he visited the Mumbai office of Invesco Asset Management India to verify the association. There, officials categorically denied any involvement with such a scheme. Their brand name and credentials, they confirmed, had been misused by unidentified individuals for fraudulent purposes.
It was only then that the scale of deception became evident. The victim filed a complaint with the Ulwe Police, following which a case was registered for fraud, extortion, and criminal intimidation. Investigators suspect the involvement of a multi-state cybercrime syndicate operating through encrypted messaging platforms. A special team has been formed to trace the culprits and identify the network of accounts used to channel the funds.
A pattern of digital deceit
While the incident is distressing, it is not isolated. Similar frauds have been reported across the country, where investors, both novices and experienced professionals, are being targeted through social media and messaging platforms. The modern-day scam is not an impulsive attempt, it is a systemised operation designed to replicate legitimacy.
These syndicates understand the psychology of investors. They use familiar financial terminology, borrow the credibility of known institutions, and offer precisely what investors wish to hear, certainty in an uncertain market. Their digital infrastructure often includes cloned websites, fabricated trading dashboards, and even helpline numbers to simulate authenticity.
The promise of guaranteed or fixed high returns remains their most common tool. No SEBI-regulated investment offers such assurances. Yet these scams thrive because they exploit the human tendency to trust what appears structured and professional, especially when presented under the banner of a recognized brand.
What investors must do to steer clear of such scams: 5 important steps
The Ulwe case serves as a cautionary example for India’s growing base of digital investors. Preventing such fraud requires vigilance, verification, and a clear understanding of regulatory norms.
1. Verify the legitimacy of the entity.
Before transferring any funds, investors must confirm that the intermediary or advisor is registered with SEBI or AMFI. Official regulatory websites list all authorized players. It is essential to contact the company directly through verified contact details and not through links or numbers provided by online groups.
2. Avoid financial dealings through WhatsApp or Telegram.
No registered investment firm operates through informal messaging channels. Such groups are outside the ambit of regulatory oversight and are frequently used by fraud networks for solicitation and extortion.
3. Treat any claim of “guaranteed returns” as a red flag.
If it is too good to be true, then chances are high that it is not true. Returns are variable and dependent on market performance. Any person or platform offering fixed or exponential gains is violating the very principles of regulated investment.
4. Conduct due diligence on digital platforms.
Before engaging with any trading website or application, check its domain details, security certificate, and corporate disclosures. Minor inconsistencies in names or web addresses often indicate cloned or fraudulent sites.
5. Report suspicious activity without delay.
Victims or potential victims should immediately report such incidents through the national cybercrime portal (www.cybercrime.gov.in) and alert their bank to freeze further transactions. Prompt reporting significantly improves the chances of fund recovery.