Mohali, April 9 -- A Mohali resident lost Rs.1.92 crore to cyber fraudsters in a stocks' trading scam.

The victim, Pardeep Kumar Sharma, told police that he was added to a WhatsApp group named "S-6 Money Makers" on February 4, where a woman named Shivangi convinced him to invest in a stocks' trading plan for high returns. She claimed they were in the business of block trading of stocks and were starting their 18th round of investment plan, targeting returns of 8% to 50% on a daily basis.

The victim transferred multiple payments online, following Shivangi's instructions, and even saw his profits swelling through a mobile application. However, when he tried to withdraw Rs.50 lakh, Shivangi directed him to apply for an IPO, and later allot...