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Mumbai: The spate of cyber fraud cases targeting senior citizens in Mumbai shows no signs of slowing down. In a recent incident reported from Girgaum, cyber fraudsters duped a 63-year-old man of a staggering ₹7.31 crore by luring him with promises of high returns through share market investments.

According to the South Region Cyber Cell, the victim was added to two WhatsApp groups — A5 Capital Market Observation and A-21 HSBC High-End Customer Segment — between February 18 and May 15, 2025. These groups regularly discussed investment tips and high-profit schemes.

The group administrator, identifying herself as Riya Bansal, contacted the victim directly and convinced him to invest large sums under the guise of trading through the "HSBC Securities Primary Market" app.

Using multiple mobile numbers and WhatsApp accounts, the accused managed to get the victim to transfer over ₹7.31 crore. When he did not receive any returns on the promised profits, the victim realized he had been defrauded and filed a complaint.

Based on his complaint, an FIR was registered under sections 61(2), 318(4), 319(2), and 336(3) of the Bharatiya Nyaya Sanhita (BNS) 2023, along with sections 66(C) and 66(D) of the IT Act. The cyber cell has launched a probe and is tracking the accused, including the unidentified woman using the alias Riya Bansal and associated bank and WhatsApp account holders. The investigation is ongoing.