Senior Lawyer Falls Prey to Rs 10 Crore Cyber Fraud in Fake Stock Scheme

A 65-year-old lawyer lost nearly Rs 10 crore to cyber fraudsters in a fake stock trading scheme. Persuaded by an unidentified woman claiming to be from a reputable firm, the victim invested via a fraudulent app. Despite initial high returns shown, withdrawals were blocked, prompting police involvement.

A senior lawyer, aged 65, was swindled out of nearly Rs 10 crore by cybercriminals who tricked him into investing in a fraudulent stock trading app, police revealed on Wednesday.

The victim, a former head of administration and industrial relations at an Indian multinational conglomerate, was approached by an unidentified woman in June. Posing as a representative from a reputed stock brokerage, she convinced him to join numerous WhatsApp groups focused on stock market insights and IPOs.

Using the app 'AR Trade Mobi' provided by the woman, the lawyer transferred nearly Rs 9.94 crore over several months. Although the app indicated high returns, the funds were not accessible for withdrawal. After futile attempts to recover his money, suspicions arose, leading him to contact Cyber Police in Shivajinagar, Mumbai. An FIR was filed, and investigations are underway.

(With inputs from agencies.)