Bandra woman loses Rs 23 lakh in online trading scam linked to fake endorsements

A 39-year-old woman, Shabnam Shaikh, resident of Bandra, reportedly lost approximately Rs 23 lakh after investing through an international trading website that turned out to be fraudulent, according to the FIR. Shaikh told the police she trusted the platform because it featured photographs of a prominent Bollywood actress and a well-known singer, creating the impression that they endorsed the website.

Shaikh, who has been running an NGO for the past 20 years and resides on Pali Hill Road, recently registered an FIR against an unidentified individual for allegedly duping her through a trading account created on the FXONET website. She claimed in the complaint that she invested Rs 23 lakh in the platform, only to later discover it was fake. The BKC Cyber Police have registered the FIR and begun an investigation.

Screenshot of the website showing the victim’s profits

Speaking to mid-day, Shaikh said, “On April 25, I came across a post on X and clicked on the embedded URL. Shortly after, I received a phone call from a woman identifying herself as Shaha, who claimed to be a representative of FXONET. She asked me to visit FXONET.com and log in to the platform.”

“After opening the account, I was contacted by two individuals, Raghav and Sagar, who advised me to invest $232. Within just two to three days, my investment had doubled. Encouraged by the returns, I decided to invest more. By May 6, I had contributed a total of R23,45,517. I was also able to withdraw R1,63,000,” Shaikh explained. However, when she attempted to withdraw additional funds, her request was denied. She reached out to the individuals who had earlier guided her but received no assistance.

Shaikh said, “When I tried to withdraw my Rs 23 lakh, the system kept showing that the transaction was processed, but nothing happened. I contacted the helpline and spoke to Shasha, Sagar, Raghav, and Maya. They told me I had to invest another Rs 10 lakh to withdraw my existing funds. The platform showed that my total profit had reached 23,000 USD.” “I realised it was a scam and immediately reported it to the BKC cyber police station. 
I filed an FIR against the unknown individuals running the fake international trading website. I was misled by what appeared to be endorsements featuring well-known celebrities,” she added.

Senior Inspector Dattaram Chavan of the cyber cell said, “We have registered an FIR against unknown persons involved in cyber fraud and allegedly cheating Shabnam Shaikh. We are investigating whether the website is genuine or fake. We are also working with banks to trace the transactions. We urge citizens not to click on suspicious links.”

The FIR has been registered under various sections of the BNS.