Mumbai's retired banker duped of Rs 1.35 crore in a investment scam

MUMBAI: A 63-year-old retired banker lost Rs 1.35 crores in an online investment fraud involving fake IPOs, call options and mutual fund schemes promoted through YouTube and WhatsApp groups.


The East Region Cyber police have have registered an offence against unknown fraudster and are carrying out money trail.


Complainant, a former bank employee who retired in 2022 residing in Kanjurmarg (West), alleged that on November 10, she came across a YouTube advertisement related to share trading and IPO investments purportedly run by “Jainam Broking Limited.”


After clicking the advertisement, her mobile number was added to a WhatsApp group titled “121 Community Hub Jainam.” The group administrators, identifying themselves as company representatives, promised weekly payouts of Rs 5,000–10,000 for voting support, 10 percent returns on call options, and even 10 percent daily returns on mutual fund investments.


The complainant was later directed to download a mobile application named “JAINVEHNI” and transfer funds to bank accounts provided by the alleged customer support executive. Initially, she invested Rs 80,000, which showed fake profits on the app, prompting her to invest further amounts in IPOs, call options and mutual funds. On one occasion, she successfully withdrew Rs 2.01 lakh, reinforcing her trust.


However, on December 11, 2025, the app reflected an inflated balance of Rs 3.5 crore, later showing over Rs 10 crore, allegedly due to a “loan” credited to her account. When she attempted to withdraw Rs 70 lakh, she was told to first repay a so-called loan amounting to Rs 1.5 crore, which was later raised to Rs 15 crore.


Realising she had been deceived, she lodged a complaint with the Cyber Crime Helpline 1930. Police are examining the role of WhatsApp group administrators, app handlers and beneficiary bank accounts in the alleged scam.



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