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Fake Trading Apps and Romance Scams Strip Investors of Millions in India

Police have filed FIRs and opened probes to trace mule bank accounts and recover funds.

Overview

  • Police in Noida and Pune are investigating multiple high-value frauds in which victims were coaxed via social media to use bogus trading or romance contacts and then asked to transfer large sums to apps or accounts.
  • In separate cases reported to cyber units, at least two victims lost sums above ₹50 lakh after apps showed fabricated profits that encouraged repeated deposits before contact was cut off.
  • Pune police logged 12 cyber-fraud complaints in a 24-hour span and investigators have identified several bank accounts used as money mules to receive and move stolen funds.
  • Noida cybercrime officers have registered FIRs under cheating, personation and the IT Act and are tracing transaction trails with bank cooperation while urging timely complaints on official portals.
  • Investigators say the scams rely on fake app dashboards, advance ‘service’ or customs-fee demands, and third-party accounts to launder money so the public should verify platform credentials and report suspicious solicitations quickly.