A 57-year-old businessman from Peddar Road was allegedly duped out of Rs 4.21 crore by fraudsters posing as executives of a reputed investment firm through a fake share trading scheme.

According to police sources, the complainant, who runs a building contracting business, was targeted through a deceptive Instagram advertisement on May 16. The advertisement promised high returns on share investments and directed him to a WhatsApp contact named Saroj Gupta. He was subsequently added to a group titled “SBICAP Securities VIP (G2),” which appeared to be managed by individuals posing as executives with SBI Caps Securities.

An employee of the complainant who has insight into the scam spoke to Sunday mid-day said, “The group provided daily stock tips and guided him to open an ‘Institutional Investment Account’ using a link that closely resembled an official trading portal. Initially, he invested Rs 1 lakh, on which he got a profit of 10 per cent or Rs 10,000 on the second day. His confidence bolstered, he invested up to Rs 4.21 crore between May 20 and July 8.”