India, June 2 -- A 59-year-old Tardeo resident was cheated of Rs.6.80 crore by cyber frauds, who lured him with handsome profits on stock market investments by using the name of a London-based financial institution.

The complainant, a retiree, saw an advertisement on social media and joined the WhatsApp group started by the scamsters, who shared investment "tips" with him. They told him if invested through them, he would can get institutional trade benefits, after-market and pre-launch IPO benefits. When he saw the name of the London-based financial institution in their propaganda, he was impressed.

"He was initially allowed to withdraw Rs.20,000 and later his profits showed to Rs.149 crore when invested less than Rs.7 crore," said a po...