Retired Air Force commander falls victim to ₹1.45 crore cyber fraud in fake stock market scam | Representative pic
Mumbai: A major cyber fraud case has emerged in Mumbai’s Powai area, where cybercriminals lured a retired Air Force commander into investing in the stock market with promises of high returns, ultimately scamming him of ₹1.45 crore. Following the victim’s complaint, the Western Cyber Cell has registered a case under fraud and the IT Act and initiated an investigation.
According to the Western Cyber Cell, the complainant retired in July 2011 as an Air Commodore from the Indian Air Force. Post-retirement, he took up a commercial pilot job in a private airline.
In January 2025, while checking messages at home, he was added to a WhatsApp group that provided daily stock market updates. The group had multiple members who appeared to offer investment guidance.
Intrigued, the victim sought more information on stock market investments. The group admin, Harris Singh, along with customer service manager Arun, convinced him of profitable returns and shared a link for investment.
The victim followed the link, created a user ID and password, and was encouraged to transfer money into various bank accounts for stock purchases. Between January 13 and January 27, 2025, he transferred a total of ₹1.45 crore across multiple accounts.
Fraudsters later falsely claimed that his portfolio had grown to ₹8 crore. When the victim attempted to withdraw some profits, he was unable to do so.
Upon contacting Harris Singh and Arun, they gave excuses, delayed withdrawals, and eventually removed him from the WhatsApp group, cutting all communication. Realizing he had been scammed, the victim filed a complaint with the Cyber Cell, which is now actively investigating the case.
