Updated on: November 12, 2025 | 8:33 PM IST

MUMBAI: A 65-year-old lawyer and former top official of an Indian multinational corporation has reportedly fallen victim to a sophisticated cyber fraud, losing nearly ₹10 crore through a fraudulent stock trading app, city police confirmed on Wednesday.

The victim, who had served as head of administration and industrial relations in a prominent MNC before retirement, was approached by an unidentified woman in June 2025, police said. Claiming to be a representative of a reputable stock brokerage firm, she persuaded him to join several WhatsApp groups that purportedly offered insider information on share trading and initial public offerings (IPOs).

The Fraudulent Scheme

The woman provided the victim a link to download a stock trading app called “AR Trade Mobi”. Over the next five months, the retired official transferred a total of ₹9.94 crore into the app, believing he was making legitimate investments in the stock market.

According to police officials, the app displayed fictitious high returns, luring the victim into further investments. However, when he attempted to withdraw his money, the transactions failed. The fraudsters then requested additional transfers under various pretexts, a red flag that eventually made the victim suspicious.

Discovery and Police Complaint

Once the app operators ceased responding to calls and messages, the victim approached the Cyber Police in Shivajinagar, Mumbai. Authorities have registered a First Information Report (FIR) against unidentified individuals, and the case is under investigation.

A police official said, “The fraud was well-planned, using both social engineering and app-based manipulation to extract large sums of money. We are tracing the digital footprints of the perpetrators.”

Warning Against Investment Scams

Cybercrime experts have noted that fraudulent stock trading apps are increasingly targeting retired professionals and high-net-worth individuals, often using WhatsApp groups, phone calls, and emails to establish trust.

“Many victims are lured by promises of high returns in short periods, and fraudsters exploit their trust and financial knowledge,” said a cybercrime analyst. “It is crucial to verify the credentials of any investment platform and avoid transferring funds to unknown apps or contacts.”

Takeaways

This case underscores the growing sophistication of cyber financial fraud in India, particularly targeting retirees and professionals with significant savings. The police have advised citizens to exercise extreme caution while investing through digital platforms and to report suspicious activity immediately.

The investigation continues as authorities attempt to identify and apprehend the perpetrators behind the AR Trade Mobi scam.