Mumbai Businessman Duped of Rs 2.53 Crore in Cyber Fraud via Fake Trading App

A shocking case of cyber fraud has surfaced in Mumbai's Andheri West area, where a transport businessman was allegedly duped of ₹2.53 crore by cyber criminals who lured him with a fake app under the pretext of buying and selling liquor online.

According to the Mumbai Cyber Police, an FIR has been registered against unidentified persons following a complaint by the victim. The investigation is currently underway.

As per officials, the fraud took place between April 2025 and May 27, 2025. The complainant was approached by scammers using multiple mobile numbers. They introduced themselves as employees of an online trading company named "FYERS".

The businessman was then added to a "FYERS Learning Group" where the accused shared information about share trading. They later sent him a link to download what appeared to be the official FYERS trading app. Trusting them, the victim downloaded the application and logged in using his credentials.

The fraudsters convinced him to invest in shares, promising a 200% return. Over time, the businessman invested a total of ₹2.53 crore through the app. However, on May 27, when he tried to withdraw his funds, the transaction failed. Upon enquiring, he was told that an additional ₹2 crore needed to be deposited in order to process the withdrawal.

Realizing he had been duped, the businessman approached the cyber police and lodged a complaint. The police have registered a case and are now investigating further leads in the matter.