Mumbai pensioner loses Rs 49 lakh in WhatsApp 'charity' trading scam using fake app

A Mumbai pensioner lost Rs 49.10 lakh to a WhatsApp-based scam disguised as a charity trading group. Fraudsters used a fake app, QuantsAIS, to show fake profits and disappeared after siphoning off her savings.

In yet another chilling reminder of the growing menace of online financial fraud, a 64-year-old pensioner lost her entire life savings of ₹49.10 lakh to cybercriminals running a slick investment scam via WhatsApp.

The fraudsters posed as representatives of a fictitious trading group named 'MSF SecuritiesCharity Aid', operating through WhatsApp groups titled 'F2-MSF SecuritiesCharity Aid' and 'VIP-MSF SecuritiesCharity Aid.' They lured the victim with promises of high returns through stock trading and charitable bonuses, eventually convincing her to use a fake trading app called QuantsAIS—which showed impressive, yet entirely fabricated, profit figures, reports The Times of India.

The scam unfolded over a month and a half, between November 20, 2024, and January 5, 2025. Three individuals, identified as Sovit Dwivedi, Aaliya Gaur, and Aisha Sharma, allegedly orchestrated the fraud, communicating with the woman through multiple WhatsApp numbers while claiming to be financial advisors and charity coordinators.

According to the complaint filed at the Cyber Police Station in Worli, the fraudsters instructed the victim to set up a virtual trading account on QuantsAIS, where her 'investments' were manipulated to reflect soaring gains. Trusting the phony data and their sweet-talking persuasion, she made repeated bank transfers totaling Rs 49.10 lakh, hoping to reap the promised profits and contribute to charitable causes.

But once the final payment was made, all communication stopped. The WhatsApp numbers went silent. The group disappeared. And the so-called trading app became inaccessible. the TOI report said.

Left shocked and devastated, the victim approached cyber police with screenshots of WhatsApp chats and transaction details. An FIR has been registered, and investigators are currently tracking the bank accounts where the money was funneled.

Officials believe the scam may be part of a larger, organised network targeting vulnerable individuals under the guise of charity-backed investments. Authorities are also probing whether the same group has defrauded others across the country.

Police caution public: don’t fall for app-based profit illusions

Cybercrime officials have reiterated strong warnings against engaging with unverified social media groups, especially those offering investment “opportunities” via unofficial apps. They urge citizens to:

• Avoid clicking on suspicious links or downloading apps outside official app stores
• Verify the credentials of any investment firm before committing money
• Treat unsolicited WhatsApp group invitations with caution
• Report suspected scams immediately to local cyber police stations or national helplines
• As fraudsters continue to evolve, experts stress that vigilance—not just awareness—is now the first line of defence.