Assistant manager of Exim Bank duped of Rs 1.35 crore in online stock market investment scam

Mumbai: A 45-year-old assistant general manager with the Export Import Bank of India (Exim Bank) was duped by fraudsters of Rs 1.35 crore by luring her into making `investment' in the stock market through bogus apps, police said on Friday.

While the cheating took place between December 9, 2024, to February 25, 2025, the woman filed a complaint with the Cyber Police Station here two days ago, said an official.

According to the complainant, unidentified persons added her mobile number to two WhatsApp groups where purported tips about stock market investment were shared.

After a few days, the `admin' of the groups called her, and told her that she could make a handsome profit if she installed mobile apps `QuantsAIS' and `Angel One' and purchased shares through them.

The woman followed the advice. `Service executives' of both the apps then called her, and asked her to deposit money in certain bank accounts for investing in the stock market.

She transferred as much as Rs 1.35 crore. The apps displayed the amount she had deposited, and she could also see that her investment was `growing', the complainant told police.

As of February, the apps showed that she had made a profit of Rs 6 crore.

But when she called executives of both the apps and asked them to return the principal amount of Rs 1.35 crore, they said they could not do so immediately and gave various reasons.

After repeated demands, they stopped responding to her calls. At this point the woman realized that she had been duped.

A case was registered and further probe was underway, the official said.