Retired top official of MNC falls prey to stock trading app fraud, loses Rs 10 crore

Mumbai, Nov 12 (PTI) A 65-year-old lawyer, a consultant for several multi-national firms, was duped of about Rs 10 crore by cyber fraudsters who lured him to `invest' in the stock market through an app, the city police said on Wednesday.

The victim, who retired from an Indian multinational conglomerate as head of its administration and industrial relations department, was contacted by an unidentified woman sometime in June, said a police official. Claiming to be a representative of a reputed stock broking firm, the woman persuaded him to be part of a number of WhatsApp groups where information about share trading and IPOs was being shared.

She also sent him a link for downloading a stock trading app "AR Trade Mobi". The victim started investing though the app, transferring a total of Rs 9.94 crore between June and November.

The app showed that he was earning high returns, but he could not withdraw money.

When he requested the so-called investment firm to return his money, he was asked to transfer more money under various pretexts, which made him suspicious.

Eventually, the fraudsters stopped responding to his messages and calls, following which the victim approached Cyber Police, Shivajinagar, Mumbai.

A First Information Report was registered against unidentified persons and further probe was on, the official said. PTI DC KRK