In the Thane case, a 65-year-old man, who recently retired as an administrator, wanted to invest his life savings in the share market. In May, when he was watching videos online, he saw an ‘IIFL’ advertisement. Assuming it to be the real investment company, he sent a text message to the number provided in the advertisement. The person then added him to a WhatsApp group.

Subsequently, in nine transactions between June 14 and July 1, the man invested Rs 46 lakh. In a few days, on the app provided by the company, he saw that his money has grown to Rs 3.31 crore. However, when he tried to withdraw the money, he was asked to pay a fee. This is when he realised that he had been scammed.

Earlier this month, the man approached Thane police and an FIR was registered against unknown accused on Tuesday.

In the second case, a senior citizen from Navi Mumbai looking to invest money was added to a similar WhatsApp group and he ended up losing Rs 50 lakh. When he realised he had been duped, he approached the Navi Mumbai cyber police where an FIR was registered. At the cyber police station, he came across two other persons who had collectively lost Rs 50 lakh, the police said, emphasising on the growing number of such cases.

A police officer said, “The number of people falling prey to this fake share market scam has increased. Senior citizens are especially vulnerable and several have lost their life savings. The accused in these cases usually operate from other states and the money is converted into cryptocurrencies and sent abroad.”

The officer added, “When victims dial the cyber helpline number 1930 immediately after being scammed, there is a chance that the money can be saved.”