India, Oct. 6 -- An 87-year-old retired Central government officer lost Rs.5.10 crore after cyber frauds posing as representatives of a Switzerland-based wealth management firm lured him into a fake share investment scheme, showing inflated returns of nearly Rs.32 crore on a bogus investment app to persuade him to keep putting in more money.

The frauds told the Malad resident that he could earn substantial returns by investing through their firm and added him to a WhatsApp group purportedly comprising high-net-worth individuals (HNIs), where members allegedly shared screenshots and messages claiming to have made huge profits. Convinced that he was investing through a legitimate Swiss wealth management company, the pensioner transferred R...