Maharashtra: Dombivli Businessman Falls Victim to Rs 77 Lakh App-Based Share Trading Scam
Thane: A businessman from Dombivli, Maharashtra, has fallen victim to a significant financial scam, losing Rs 77.1 lakh in an app-based share trading scheme. The incident, which came to light on January 26, 2026, highlights the growing menace of online fraud in the region.
Prashant Prabhu, a 43-year-old businessman, was lured into the scheme through a WhatsApp group. Between November 17, 2025, and January 8, 2026, he invested the substantial amount after being promised lucrative returns. However, the promised profits never materialized, and when Prabhu sought a refund, the accused individuals stopped responding to his calls and messages.
The Manpada police station, upon receiving Prabhu's complaint, registered an FIR under the IT Act. The police are now working diligently to trace the money trail and identify the individuals involved in the scam. According to a police official, the accused used sophisticated methods to deceive the victim, making the investigation challenging but not impossible.
Online share trading scams are becoming increasingly common, with scammers using social media platforms like WhatsApp to target unsuspecting investors. These scams often promise high returns on investments, which can be tempting for individuals looking to grow their wealth quickly. However, the risks associated with such schemes are significant, and victims often find themselves with substantial financial losses and little recourse for recovery.
To prevent falling victim to such scams, experts advise investors to exercise caution and conduct thorough research before making any investments. It is crucial to verify the credentials of the investment platform and the individuals or companies offering the investment opportunities. Additionally, investors should be wary of promises of unusually high returns, as these are often red flags for fraudulent schemes.
The Manpada police station has issued a public advisory, urging residents to be vigilant and report any suspicious activities related to online investments. The police are also working with cyber security experts to enhance their capabilities in detecting and preventing such scams.
As the investigation continues, the hope is that the accused will be brought to justice, and measures will be put in place to prevent similar incidents in the future. For now, Prabhu and his family are left to deal with the financial and emotional fallout of the scam, a stark reminder of the dangers that lurk in the world of online investments.
For more updates on this story and other Mumbai headlines, stay tuned to local news sources and official police communications.
