India, Nov. 5 -- Two engineers from Navi Mumbai were duped of a total of Rs.5.41 crore in separate cyber frauds, where scammers posing as online trading experts used WhatsApp groups and fake investment platforms to lure victims with promises of high returns.

According to the police, the first case was that of a 49-year-old resident of Nerul who was duped of Rs.2.73 crore between July 4 and October 31. The frauds added him to a WhatsApp group named 'Nuvama-24 Market Analysis Group,' where they shared tips and advice for making huge profits on share market investments. Subsequently, he started investing in July this year.

"The victim was asked to download a fraudulent trading app and was made to transfer the money to various bank accounts...