Mumbai: A shocking case of cyber fraud has surfaced in Mumbai's Andheri West, where scammers duped a transport businessman of a whopping ₹2.53 crore by luring him into a fake trading scheme under the pretext of buying and selling liquor through an online platform.
According to Mumbai Cyber Police, the victim was targeted between April 2025 and May 27, 2025. During this period, cyber fraudsters contacted him using various mobile numbers and posed as employees of the reputed online trading platform FYERS. They added the victim to a WhatsApp group named "FYERS-Learning Group" and later introduced him to a fake mobile application resembling the FYERS trading app.
After downloading and logging into the app via a link sent by the fraudsters, the businessman was promised returns of up to 200% on investments. Convinced by the professional tone and promises, the victim invested a total of ₹2.53 crore in various share purchases as guided through the app.
However, on May 27, when the victim attempted to withdraw his funds from the app, he was unable to do so. Upon contacting the fraudsters, he was told that he would need to deposit an additional ₹2 crore to release the funds. Realizing he had been scammed, the businessman approached the Mumbai Cyber Police, who registered a case against unknown persons and have launched a full-fledged investigation.
Police suspect that a well-organized cyber syndicate may be behind the scam, and are tracing digital footprints, phone numbers, and financial transactions to identify and nab the culprits. The case highlights the growing threat of sophisticated financial scams through fake apps and the urgent need for public awareness and digital vigilance.
