Mumbai Bank Executive Falls Victim to Rs 97.78 Lakh Cyber Fraud

A senior bank executive in Mumbai fell victim to cyber fraud amounting to Rs 97.78 lakh, police revealed on Wednesday. The fraudsters duped him with fake share market investment promises.

Posing as representatives of a reputable advisory firm, the culprits gained the banker's trust by projecting inflated profits through a deceptive mobile application. The 44-year-old, who serves as an Assistant Vice President at a leading bank, was targeted in February when contacted via a WhatsApp link from an unknown number.

The fraudsters provided false information and persuaded the banker to download their app and conduct shares trading. Initially, the victim saw some returns and continued investing more capital. However, when attempting to withdraw funds later, the accused ceased communication. The case has been reported to the National Cyber Helpline, and an FIR has been filed, according to the police.