A sixty five year old lawyer and consultant for several multinational companies has lost about ten crore rupees after falling victim to a cyber fraud involving a fake stock trading app, the city police said on Wednesday. The victim had earlier retired as the head of administration and industrial relations at a major Indian multinational conglomerate.
According to police, the man was contacted by an unidentified woman in June. She claimed to represent a reputed stock broking firm and convinced him to join several WhatsApp groups where information about share trading and IPOs was regularly shared. She later sent him a link to download a stock trading app named AR Trade Mobi.
Believing the app to be genuine, the victim began investing through it and transferred a total of nine crore ninety four lakh rupees between June and November. The app displayed high returns, but he was unable to withdraw any of the money. When he asked the supposed investment firm to return his funds, he was told to transfer additional amounts under different pretexts. This raised his suspicion.
Soon after, the fraudsters stopped replying to his calls and messages. Realising he had been cheated, the man filed a complaint with the Cyber Police in Shivajinagar, Mumbai. A First Information Report has been registered against unidentified persons and the investigation is underway.
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