A 39-year-old Bandra resident, Shabnam Shaikh, was defrauded of Rs 23.45 lakh after falling victim to an online trading scam that used fake celebrity endorsements of Bollywood actress Kareena Kapoor and singer Shreya Ghoshal. The scam originated from a post on X (formerly Twitter), which led her to invest in the FXONET platform.
Initially encouraged by small returns, Shaikh later found her funds frozen and was coerced into paying more money to unlock profits. The BKC Cyber Police have registered an FIR and are actively investigating the case. Cybersecurity experts have issued warnings and shared best practices to help citizens avoid such scams.
Scam Unfolds Through Fake Celebrity Endorsements and Manipulative Tactics
Shabnam Shaikh, a social worker from Pali Hill, Bandra, encountered the fraudulent scheme on April 25, 2025, when she clicked on a seemingly authentic online article featuring endorsements by Kareena Kapoor and Shreya Ghoshal. The article contained a link directing her to the FXONET trading platform.
Soon after, she was contacted by individuals posing as company representatives—using names such as Sasha, Sagar, Raghav, and Maya—who persuaded her to invest. Starting with a modest amount equivalent to $232 (around Rs 20,000), Shaikh witnessed rapid profits on the platform and successfully withdrew Rs 1.63 lakh, which boosted her confidence to invest a larger sum.
However, when she attempted to withdraw the remaining balance, the scammers demanded an additional Rs 10 lakh as a “processing fee” to unlock her profits. Realising the deceit, Shaikh reported the fraud to the Mumbai Cyber Cell.
Expert Advice: How to Protect Yourself from Online Trading Scams
Cybersecurity specialists and legal experts have emphasised the growing sophistication of such scams and the urgent need for public awareness. They advise investors to be extremely cautious of unsolicited investment offers, especially those that claim celebrity endorsements or promise unusually high returns in a short time. Experts recommend verifying the legitimacy of the platform through official regulatory bodies such as the Securities and Exchange Board of India (SEBI).
Additionally, they highlight the importance of digital hygiene practices: using strong, unique passwords for all financial accounts, enabling two-factor authentication, and never sharing OTPs, passwords, or personal details with unknown contacts.
In case of suspicion, victims should immediately change their account credentials, preserve all communication and transaction records, and report the matter via the National Cyber Crime Reporting Portal or the 1930 cybercrime helpline. Legal advisors further recommend consulting cybercrime lawyers who can guide victims through the complaint filing process and explore options for recovering lost funds.
Senior Inspector Dattaram Chavan of the BKC Cyber Cell reiterated, “We are actively investigating this case and working with banks to trace the money trail. We urge citizens to exercise caution and avoid clicking on suspicious links or sharing personal information online.” Authorities are also collaborating with social media platforms to identify and remove fraudulent posts and accounts promoting such scams.
The Logical Indian’s Perspective
This incident underscores the alarming rise of cyber frauds that prey on trust by exploiting the credibility of celebrities and the lure of quick financial gains. It highlights the critical need for enhanced digital literacy and responsible online behaviour among citizens.
The Logical Indian stands firmly for fostering a safe, informed, and empathetic digital environment where people can make sound financial decisions without fear of exploitation. We encourage readers to stay vigilant, educate their communities, and support victims of cybercrime. What steps do you think individuals, platforms, and authorities should take collectively to combat such scams and protect vulnerable users?
