India, July 24 -- Police reported that as many as 12 cyber fraud cases occurred in the city on Wednesday.

The largest fraud was reported to the cyber police station, where a 38-year-old professional lost Rs.53.10 lakh after fraudsters lured him with a social media advertisement promising high returns from over-the-counter share trading and Initial Public Offering (IPO) investments. The app displayed fictitious profits and encouraged further investments before the fraudsters became unreachable.

Another case was registered by Faraskhana police, where a complainant alleged that a stolen mobile phone was used to gain access to banking applications and siphon Rs.65,001 from the victim's account through unauthorised digital transactions.

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