Palghar bank official loses Rs 46.41 lakh 'stock trading fraud'

A senior official of a cooperative bank in Maharashtra’s Palghar was allegedly duped of Rs 46.41 lakh by cyber fraudsters who lured him with the promise of lucrative returns through stock market trading, police said on Saturday.

Based on a complaint, the Mira-Bhayander Vasai-Virar (MBVV) police have registered a case against nine people, including administrators of a WhatsApp group identified as Abhinav Rajput, Vikrant Thakur, Nilam Agarwal and one Kavya, an official said.

The complainant, a resident of Vasai and deputy manager of a cooperative bank branch in Mumbai, alleged that he was



added to multiple WhatsApp groups related to investments between April and June 2024. The accused, posing as executives of reputed investment firms, convinced him to trade in stocks and sent him links to download mobile applications named ‘DRWAI’ and ‘IIFL’.

The official said the complainant was shown a fake SEBI registration certificate, following which he invested Rs 46.41 lakh through various bank transactions over two months.

He said the fraud came to light when the complainant saw a profit of more than Rs 8.12 crore reflected on the apps but was unable to withdraw his funds.c