A Kochi-based pharmaceutical company owner has suffered a loss of ₹25 crore in what is being described as the largest single-person cyber fraud case in India.
The incident involved a sophisticated online trading scam, executed through a fake trading application that lured the victim with promises of lucrative returns. Despite being an experienced trader, the businessman fell prey to deception after engaging with the fraudulent app for nearly two years.
The scam unfolded over four months, during which the victim was lured by substantial profits displayed on his initial investments. These early gains convinced him of the app’s legitimacy, prompting more substantial investments.
Investigators from the Cyber Cell revealed that the app consistently showed double profits, creating an illusion of credibility and financial success. This psychological manipulation is a common tactic used by cyber fraudsters to build trust and encourage deeper engagement from unsuspecting victims.
Trouble began when the businessman attempted to withdraw his funds, only to be met with repeated delays and a variety of excuses from the operators of the fake platform. As withdrawal requests were consistently stonewalled, suspicion grew. It was only after persistent failed attempts to access his money that the reality of the fraud became clear to the victim.
Upon reporting the crime, swift action was taken by law enforcement. The Indian Cyber Crime Coordination Centre was immediately alerted and subsequently forwarded the information to the Thiruvananthapuram Cyber Operations Headquarters. A formal case was registered, and efforts have been initiated to freeze the remaining funds before they could be routed to additional accounts.
Investigation revealed that the fraudulent app was under the control of a foreign national, indicating possible international links and making the operation broader and more complex. The case has prompted a larger crackdown on similar cyber threats, with the Cyber Cell widening its probe to trace the perpetrators and prevent further occurrences.
This incident highlights the growing sophistication of online financial scams in India, emphasizing the need for increased vigilance, especially even among experienced investors. Awareness and prompt reporting remain essential defenses against such evolving cyber threats.
