India, July 20 -- A 62-year-old Pali Hill resident lost Rs.7.87 crore on a fraudulent trading app assuring high returns on investments. A case was registered on Friday against a woman named Priya Sharma and her identified accomplices for allegedly posing as the representatives of a popular trading firm and luring the woman to transfer the amount to various bank accounts in the name of investments, said a police officer.

According to the police, the accused approached the woman on WhatsApp in June this year, introducing herself as the assistant of the chief investment officer of a popular trading firm. Sharma added the woman to a WhatsApp group where tips for making profits on share market investments were shared. After seeing that the me...