Bengaluru man loses ₹74.98 lakh to dubious Kotak investment scheme ; Fake investment app behind scam

Bengaluru

A case of cyber fraud has come to light involving a loss of ₹74.98 lakh after a Bengaluru resident was lured into a fake investment scheme under the guise of Kotak Mahindra’s financial services. The fraudster operated using a deceptive app named “KOTAK QIB”, leading the victim into a series of high-value bank transfers. The FIR is registered in North CEN Police Station in July.

The incident, occurred on May 10, 2025, reveals that the complainant was misled by an unknown caller using the number 7568996704, who directed them to an app linked via a suspicious URL: https://pay.google.com/store/apps/details?id=com.monitry.kotakqib. Posing as a Kotak investment officer from E8 Kotak Growth Circle, the fraudster convinced the victim to invest through the fake platform.

According to police reports, large sums were siphoned off from two accounts

• ICICI account no:xxxxxx1374
• Axis account no: xxxxxxxx950

The app interface mimicked official Kotak branding, providing a false sense of legitimacy. The total amount defrauded stands at ₹74.98 lakh, which was gradually withdrawn under the pretense of “market growth investment.”

Police have taken up the case under Section 157 Cr.PC and BNSS 176. Preliminary investigations are underway to trace the app developers and account beneficiaries.

Authorities have urged citizens to remain vigilant, especially when dealing with investment apps or links not officially endorsed by verified financial institutions.

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