Kochi businessman duped of ₹25 crore in country’s largest cyber fraud

Thiruvananthapuram: A Kochi-based pharmaceutical company owner has lost ₹25 crore in an online trading fraud, marking the largest amount ever embezzled from a single individual in the country through an investment scam. Following the complaint, the Cyber Cell has widened investigation into the fraudulent operation.

The Indian Cyber Crime Coordination Centre was first alerted, which then relayed the information to the Thiruvananthapuram Cyber Operations Headquarters. A case was registered and steps have been taken to stop the funds from being diverted into other accounts.

Investigators found that the money was siphoned off over four months through a fake trading application. The businessman, despite having years of trading experience, installed the app two years ago without realising it was fraudulent.

The fraudsters lured the victim by displaying double profits on the initial deposits, which built trust. The scam surfaced when the businessman attempted to withdraw his investments, only to face repeated delays with different excuses.

The victim had grown suspicious over the past month but confirmed the fraud only after failing to withdraw funds. On Friday, a formal case was registered. The Cyber Cell has traced the app to the control of a foreign national.