Overview

• A 69-year-old retired scientist lost ₹2.08 crore to a fraudulent trading app that mimicked a legitimate stock trading platform.
• In a separate case, a 60-year-old retired Gulf Oil employee was defrauded of ₹70.35 lakh by a Bandra-based share trading firm promising high returns.
• Fraudsters in both cases used small initial profit payouts and formal agreements to build trust before defaulting on larger repayments.
• The South Cyber police have registered cases under the Bharatiya Nyaya Sanhita and IT Act, and investigations are underway to identify the culprits.
• Victims reported tactics such as demands for commissions, TDS, and additional payments, with no significant asset recoveries reported so far.