Retired Bank Employee Loses Life Savings to Share Scam

A retired bank employee was scammed out of Rs 27.88 lakh by cybercriminals promising high returns on share investments. The victim responded to a fraudulent WhatsApp message from someone posing as a brokerage firm representative. A police investigation is ongoing following the complaint lodged at the cyber police station.

Devdiscourse News Desk | Mumbai | Updated: 22-09-2025 23:31 IST | Created: 22-09-2025 23:31 IST

Retired Bank Employee Loses Life Savings to Share Scam — This image is AI-generated and does not depict any real-life event or location. It is a fictional representation created for illustrative purposes only.

Country:
India

A 68-year-old retired bank employee has fallen victim to a cyber fraud, losing Rs 27.88 lakh. The unpleasant incident unfolded when the man received an enticing message promising lucrative returns on share investments, police revealed on Monday.

The victim, residing in Vile Parle East, reported the scam to the West Region Cyber Police Station after realizing he could not withdraw profits from his trading account. The fraudulent message was sent via WhatsApp in June, masquerading as a customer service representative from a renowned brokerage firm, named Suman Gupta.

The retiree deposited Rs 27.88 lakh into several bank accounts as instructed but soon discovered it was a scam. Authorities have registered a case and launched a detailed investigation into the matter.

(With inputs from agencies.)