Hyderabad, April 25 -- A 56-year-old software consultant lost Rs 2.92 crore after being lured into investing in fake online trading platforms.

According to a report in Times of India, the victim first came into contact with the fraudsters on WhatsApp after being added to a group called 'Riding the Wind Club Discussion Group'. People managing the group had identified themselves as Anika Sharma and Chandraprakash.

The fraudsters, posing as investment advisors, used to share stock tips and Initial Public Offering (IPO) offers on the group. After the victim was shown small profits on his investments, he was encouraged to join VIP trading programs promising high returns and interest-free credit facilities.

However, when he tried to withdraw...