A 27-year-old resident of Kanchanbagh lost ₹14.34 lakh after fraudsters posing as representatives of Fyers Securities lured him into an online trading scam through a fake platform called FYERS-DMA.
The victim was first contacted on WhatsApp, where the handlers coaxed him into believing that the platform was an authorised service of the brokerage.
The fraudsters, whose identities are under investigation, made the platform appear legitimate by allowing two early profit withdrawals amounting to ₹3.60 lakh. Convinced that the trades were genuine, the victim continued investing until he had transferred a total of ₹17.94 lakh to various bank accounts shared by the handlers. When he later attempted to withdraw his funds, the platform blocked all requests and stopped responding.
The scammers then tried to manipulate him further by fabricating a supposed ₹15 lakh loan on the account and insisted that he repay it before any funds could be released. Suspicious, the victim contacted the official Fyers Securities team and was informed that the platform, the DMA service and the alleged loan were all fake. He subsequently filed a complaint, confirming a loss of ₹14,34,000.
Investigators said fraudsters have increasingly been creating convincing trading apps and WhatsApp groups that impersonate SEBI-registered brokers. They often allow victims to withdraw small profits initially to build confidence before pushing them to invest larger amounts. In many cases, the money is diverted to personal accounts, something genuine trading platforms do not do.
Officials cautioned that fake interfaces may show inflated profits and even invent loan obligations to pressure investors into making additional payments. Citizens have been urged to verify trading platforms only through official websites, authorised customer care lines and valid SEBI records. They also advised the public to avoid unsolicited WhatsApp messages promising high returns, refrain from sharing banking details or OTPs, and never transfer money based solely on online claims.
Anyone who suspects fraud or experiences a financial loss has been asked to report the matter immediately to 1930 or www.cybercrime.gov.in. For urgent assistance, people may call or WhatsApp 8712665171. Cybercrime officials have also encouraged the public to follow their verified social media channels for regular awareness updates.
Published – December 01, 2025 06:42 pm IST
