India, June 4 -- A 52-year-old man was duped of Rs.1.44 crore via a fake trading app between March 10 and May 10. On Monday, the police registered a case against unidentified persons in connection with the fraud.

According to the police, on March 2, the complainant was added to a WhatsApp group named 986-ASK-Elite Wealth Traders, which provided tips for trading to earn high profits. Two days later, a person identifying herself as Riya Rawat contacted him on WhatsApp, claiming to be a representative of ASK Stock Exchange Group. She got him to open a trading account on the company's app, called ASK-IATOP, for investing in the stock market.

The police said that the complainant initially invested Rs.10,000, after which the app displayed tha...