NAVI MUMBAI: A 43-year-old scrap dealer from Navi Mumbai was allegedly duped of ₹2.28 crore by fraudsters posing as stock market investment advisors, who lured him through social media and a WhatsApp group with promises of high returns.Scrap dealer loses ₹2.28 crore in stock market investment scamAccording to the police, the complainant was cheated of ₹2.28 crore between March 9 and April 28, 2025. An FIR was registered on June 22, 2026, under Sections 318(4)(cheating), 319(2)(cheating by personation) and 3(5)(common intention) of the Bharatiya Nyaya Sanhita and Section 66(D)(cheating by personation using a computer resource) of the Information Technology Act.The complainant told police that he came across a promotional video of ASK Investment Management on Facebook on March 9, 2025. Soon afterwards, he received a WhatsApp message from a woman identifying herself as Priya Sharma, who claimed to be an assistant to Professor Bharat Shah, a senior investment advisor at the firm’s Worli office.He was then added to a WhatsApp group called ‘Ask Wealth Management Group’, where members regularly shared investment tips on OTC shares, IPOs and stock market trading, along with screenshots purportedly showing substantial profits.Believing the investment platform to be genuine, the complainant agreed to invest. He was asked to fill out an online application for a high-net-worth investor account and download a mobile application called ASK IM PRO.Police said the victim subsequently transferred money to multiple bank accounts provided by the accused. After every transaction, he was instructed to upload payment screenshots to the application’s service desk, following which the amounts were reflected in his account. The app also showed his investments generating steady profits.After making several investments, the application displayed his portfolio value at nearly ₹10.95 crore. However, when he attempted to withdraw a portion of the amount, the request was rejected.When he contacted the company’s representatives in April 2025, he was allegedly told that additional payments towards taxes and processing charges were required before the withdrawal could be processed. “After failing to get neither the profit nor the amount invested he filed a complaint,” said the investigating officer.