Goa, June 3 -- A 55-year-old self-employed woman from Tiswadi has allegedly lost more than Rs.4.23 crore in a cyber fraud involving fake IPO and share market investment schemes, police said.

According to police, the victim was added to a WhatsApp group by unknown fraudsters who posed as representatives of an online trading platform. The accused allegedly persuaded her to register on a fraudulent trading application and promised substantial returns through investments in Initial Public Offerings (IPOs) and stock market trades.

Believing the investment opportunity to be genuine, the woman transferred a total of Rs.4,23,94,163 through multiple bank transactions. The fraudsters allegedly displayed fake profits and inflated account balances ...