A senior consultant working with a multinational information technology firm in Ghatkopar has filed a cyber-fraud complaint after losing Rs 35.71 lakh to an elaborate online scam operated through a fake trading platform.
As reported by Mid Day, the victim, a 40-year-old professional identified as Rajesh Desai (name changed), is an experienced technologist who manages complex digital systems. Despite his expertise, he was deceived by a well-structured racket that posed as a legitimate investment platform promising lucrative returns.
Deceptive Investment Opportunity
In October, Desai was approached by a childhood friend who introduced him to an online trading group named A2-Systematix. He was told that the group specialised in “block trading” and relied on advanced market analysis to ensure steady profits. The name was strikingly similar to Systematix Group, a genuine brokerage firm, though the two are not connected.
The alleged operators of this fraudulent network, identified as Devanshi Parekh, Vineet Maheshwari, and Riya Vashishtha, added Desai to a WhatsApp group filled with daily trading tips, screenshots of supposed profits, and “expert” advice. To begin trading, he was asked to download an app called Neo Sysmt, which looked every bit like a professional trading interface.
The Trap Unfolds
Between 18 October and 6 November, Desai transferred Rs 35.71 lakh through IMPS and RTGS into multiple bank accounts for what he believed were share and IPO purchases. However, when he tried to withdraw his profits, the app displayed an “account frozen” message. One of the accused then demanded an additional Rs 5 lakh to “unblock” his account.
Realising the fraud, Desai immediately approached the police, who have begun tracking several bank accounts and digital identities linked to the cyber gang.
How the Scam Worked
According to cybercrime officials, such rackets use “profit-simulation” apps, platforms designed to mimic genuine trading dashboards and display rising balances to build credibility. They often carry names resembling legitimate companies to trick victims into believing they are dealing with trusted financial institutions.
Helpline
Victims of online fraud are urged to call 1930 or visit cybercrime.gov.in to file a complaint immediately.
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