Online Stock Trading Fraud: Coimbatore Businessman Duped of ₹2.5 Crore; Cybercrime Police Probe

Coimbatore: A 63-year-old businessman from Coimbatore has allegedly been cheated of ₹2.5 crore in an online stock trading fraud after fraudsters lured him with promises of high returns. The Coimbatore City Cybercrime Police have registered a complaint and are investigating the case.

According to the complaint, the businessman developed an interest in stock market investments and searched online for companies offering investment opportunities. He subsequently received a text message containing a mobile number and an invitation to invest online.

When he contacted the number, a person allegedly assured him that investing through their company would yield substantial profits. Believing the claims, the businessman was instructed to download a mobile application and was provided with login credentials to access his account.

The businessman initially invested ₹1 lakh and was reportedly able to transfer the investment amount, along with the profits shown, to his bank account. This successful withdrawal convinced him that the investment platform was genuine.

He subsequently invested a total of ₹2.5 crore in multiple instalments. Each time, the application displayed his investments along with purported profits, leaving him unaware of the alleged fraud.

When he urgently needed money, the businessman attempted to transfer the funds displayed in his application account to his bank account. However, the transaction failed.

He then contacted a representative of the purported investment company and was told that permission was required to withdraw the money. The representative allegedly assured him that approval would be granted within a few minutes before disconnecting the call.

When the businessman tried again, he was still unable to withdraw the funds. Subsequent attempts to contact the representative failed, as the mobile phone was switched off. He then realised that he had allegedly been cheated.

The businessman lodged a complaint with the Coimbatore City Cybercrime Police over the alleged ₹2.5-crore fraud. Police are investigating the case.