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.