India, Dec. 29 -- A 56-year-old resident of Thergaon lost Rs. 98 lakh after falling victim to an online investment scam that promised high returns on stock market investments. The man, an employee of a private firm, reported the fraud to the Pimpri Chinchwad cyber police, who have launched an investigation.

Police officials said the victim was added to a mobile messaging group in September that appeared linked to a reputed investment company. "The group's name resembled a well-known firm, which made the victim trust its authenticity," a cyber police officer stated. The fraudsters promised returns exceeding 15 percent on stock market investments. Convinced by these claims, the man downloaded a mobile application promoted by the scammers, ...