Mysuru resident loses ₹1.77 crore to trading app fraud

A 54-year-old resident of J.P. Nagar in Mysuru has reportedly lost a whopping ₹1.77 crore in an online fraud carried out through a fake trading app.

According to the Mysuru City Police, the victim, who was part of a WhatsApp group formed under the name of an investment management firm based in the U.S., was told to transfer the funds to bank accounts of “various local companies” on the pretext that “foreign institutions cannot maintain bank accounts in India”.

The victim had transferred the funds via Real Time Gross Settlement (RTGS) to various bank accounts by December 20, 2025. The deposits were reflecting as ‘Top Up Capital’ in the trading app, where extremely large profits were shown.

When he wanted to withdraw the funds, the fraudsters demanded that he pay capital gains tax to private accounts. At this point, the victim realised that he had been cheated under the guise of trading, the police said.

The WhatsApp group had been created claiming that its members would be trained to trade in the share market and helped to earn “extraordinary profits”. Later, the members were introduced to one Meera as a representative of the investment management firm.

In an advisory to the public against falling prey to online frauds, the police said everyone should be wary of fake investment and trading scams.

“Citizens are advised to stay vigilant against fraudsters who are creating fake advertisements on social media platforms in the name of reputed financial institutions. Do not trust investment offers received through Facebook, WhatsApp, Telegram, or unknown websites. Always verify the authenticity of financial services directly from the official website or customer care of the company,” the police said in a statement here.

“Reputed institutions never ask customers to invest through personal WhatsApp numbers or unofficial groups,” the police added, while asking the public to avoid clicking on random investment links or downloading unknown apps.

“Stay alert and protect yourself from online investment frauds. Report cyber frauds immediately on 1930 helpline or www.cybercrime.gov.in. In case of any emergency of cyber frauds, please call or WhatsApp 9480802251 and 9480802263,” the statement noted.