Mumbai Cyber Fraud: ₹2.53 Crore Swindled From Businessman in Fake FYERS Trading App Scam
- manoj klumar
- May 31
- 2 min read
Mumbai, Maharashtra – In another alarming instance of cybercrime, a Mumbai-based transport businessman has been defrauded of a staggering ₹2.53 crore through a fake trading app impersonating FYERS, a legitimate stock trading platform. The case has been officially registered by the police and is currently under investigation by cybercrime officials.
🚨 How the Scam Unfolded
According to police sources, the victim was approached by individuals posing as representatives of FYERS, a trusted Indian trading platform. The scammers lured the businessman into downloading a fake version of the FYERS app, which was designed to look identical to the official platform.
The victim was reportedly shown falsified trading returns to gain his trust and was encouraged to invest incrementally over several weeks. These investments, which totaled ₹2.53 crore, were routed through fraudulent payment gateways and fake accounts.
🔍 Investigation Highlights
App cloned to mimic FYERS interface
Funds routed via shadow accounts
Scam involved social engineering and forged screenshots
FIR filed under IT Act and IPC fraud provisions
Cyber Cell actively tracing digital footprints and IP addresses
Officials stated that this scam appears to be part of a larger syndicate operating across state lines, potentially using malware-laden APK files and cloned apps to target wealthy individuals and business owners.
💬 FYERS Responds
Representatives from FYERS clarified that they had no connection to the app used in the fraud. The company has reiterated that it only operates through official channels and verified apps on Google Play and the Apple App Store, urging investors to double-check URLs and avoid downloading trading apps from third-party links.
🛡️ Cyber Safety Tips for Investors
With online trading becoming increasingly popular, so has the rise of phishing apps and fake
brokers. Here's how to stay protected:
Always verify the app developer name before downloading
Use apps only from official app stores
Cross-check links and offers with the official company website
Never invest based on unsolicited calls or messages
Enable multi-factor authentication and real-time alerts
📍 Case Status & What’s Next
The case has been registered at the Mumbai Cyber Crime Police Station, and authorities are working with financial institutions and cybersecurity experts to track transactions and identify the perpetrators. A special task force may be formed if links to a larger racket are confirmed.
Conclusion
This case is a sobering reminder of the sophistication of modern cybercriminals and how legitimate platforms can be impersonated to exploit trust and technology. As digital investments rise, so must public awareness and vigilance.
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