MUMBAI, Jan. 23 -- A 68-year-old businessman from Churchgate was duped of Rs.10.98 crore by cyber fraudsters who lured him into a fake online investment scheme promising high returns. According to the police, the complainant, who owns a logistics firm and lives on Maharshi Karve Road, is a regular stock market investor and was exploring alternative investment avenues when he came across one Mohan Sharma, who claimed that his firm offered high-profit investment opportunities in both Indian and American stock markets and persuaded the victim to join a WhatsApp group titled Trader Titan VIP Group. In the group, members regularly shared screenshots and messages claiming massive profits earned through stock market "tips". Inspired by the apparent success stories, the complainant agreed to invest through the firm, said a police officer. Sharma then introduced him to another accused, Alex, who claimed to be the general manager of an American private equity firm. The complainant was then added to a 'premium WhatsApp group' and was asked to register on an application, the link of which was shared with him. The application's name was a manipulated version of the firm's name. The police said that the businessman was instructed to deposit money into multiple bank accounts. The amounts deposited were reflected as investments in a virtual wallet on the fraudulent application. The accused then guided him to invest in IPOs and stock market trades, even claiming that "premium members" could access markets 15 minutes before the Indian and US stock markets opened. As the application continued to display exceptionally high returns, the frauds repeatedly persuaded the complainant to invest more. Between December 30, 2025 and January 17, 2026, he transferred a total of Rs.10.98 crore. Trouble surfaced on January 17 when the complainant sought to withdraw his funds. Not only was he unable to withdraw, but he was also required to make additional investments. Soon after, activity on the WhatsApp groups stopped abruptly, the officer said. The accused allegedly threatened to block his account and wipe out his investments unless he paid another Rs.8 crore. Suspecting fraud, the complainant discussed the matter with his wife and subsequently contacted the cyber helpline 1930and approached the cyber police. On Tuesday, a case was registered against the accused under Sections 318 (cheating), 319 (cheating by personation), 336 (forgery) and 61 of the Bharatiya Nyaya Sanhita, along with relevant provisions of the Information Technology Act, 2000....