Fake trading app cheats Bengaluru man of ₹5.14 crore

Bengaluru

In a major case of online investment fraud, a Bengaluru-based man has been allegedly cheated of over ₹5.14 crore after being lured into fake trading schemes operated through WhatsApp groups and a fraudulent mobile application. 

An FIR was registered on January 12 at North CEN police station following a complaint lodged by Nagendra, who accused unknown persons of orchestrating a large-scale financial scam.

According to the complaint, Nagendra holds bank accounts with HDFC Bank, Kotak Mahindra Bank and Axis Bank. On November 12, 2025, he joined multiple WhatsApp groups after receiving invites promising high returns through stock market trading and investments. The groups, with obscure names, were allegedly managed by unknown individuals identifying themselves as Deepa and Dinesh K Wagel, who contacted the complainant using several mobile numbers.

The accused convinced Nagendra that substantial profits could be earned by investing money through a trading platform. He was directed to download a mobile trading application and was provided with a website link to deposit funds. The app allegedly showed daily trading activity and falsely reflected profits, creating an impression that the investments were yielding extraordinary returns.

Over time, the complainant was shown a virtual balance of nearly ₹19 crore in the app. However, when Nagendra attempted to withdraw the amount, the accused demanded an additional ₹2 crore as “tax payment” to process the withdrawal. Trusting the representations made by the accused, Nagendra transferred funds from his bank accounts in multiple phases between November 12, 2025 and January 7, 2026.

In total, the complainant transferred ₹5,14,85,000, but neither received any returns nor was the invested amount refunded. Subsequently, all communication from the accused allegedly ceased, leading Nagendra to realise that he had been cheated.

Based on the complaint, police have registered a case of cheating and cyber fraud and initiated an investigation to trace the accused, analyse bank transactions, and identify the digital platforms used to execute the scam. Authorities have cautioned the public against joining unsolicited WhatsApp investment groups and advised investors to verify the authenticity of trading apps and platforms before transferring money.