Police flag 50 investment apps suspected of being used in cyber fraud

According to the police advisory, cyber fraud cases have caused average monthly losses of around Rs 14 crore in Kolkata and surrounding areas this year.

The losses reportedly increased to Rs 15 crore in August, highlighting the continuing financial impact of online investment scams.

The warning comes as cybercriminals increasingly use investment-related advertisements, messaging groups and mobile applications to persuade people to transfer large sums of money.

Police name investment apps

In their advisory, police identified several unauthorised trading, forex and micro-investment applications that they said were being used in suspected fraudulent activities.

The platforms named in the warning include OctaFX, Olymp Trade, Binomo, IQ Option, Expert Option, Quotex, Pocket Option, Exness, Guru Trade7, Rubik Trade, Bric Trade, Trust Trade, Dream Trade, Mini Trade, Gate Trade, Ava Trade, eToro, FBS and TP Global FX.

The advisory does not suggest that every user of the named platforms has been defrauded.

Rather, police have warned that cybercriminals are using such platforms or applications as part of investment-related scams and have urged people to exercise caution before transferring money.

Kolkata Police's own cybercrime guidance separately warns people about investment scams promoted through social media and platforms promising unusually high returns.

WhatsApp and Telegram used to lure victims

Police said fraudsters frequently approach potential victims through messaging platforms such as WhatsApp and Telegram.

Scammers allegedly circulate fabricated success stories, VIP stock tips and promises of guaranteed or exceptionally high returns to create confidence among prospective investors.

Once a person becomes interested, the fraudsters may direct them towards an investment application or website and encourage them to begin with a relatively small amount.

The police have stressed that legitimate investments cannot guarantee profits and warned people against downloading applications through private links shared on social media or messaging platforms rather than using official application stores.

Kolkata Police's cybercrime advisory also warns residents about suspicious links, unknown APK files and investment schemes promoted online.

Fake profits encourage bigger deposits

Investigators have found that a common feature of such scams is the manipulation of investment platforms to make victims believe their money is generating substantial returns.

The applications may display fabricated profits or account balances, giving users the impression that their investments are performing well.

Fraudsters then encourage them to deposit increasingly larger amounts.

The problem often emerges when victims try to withdraw their money.

According to investigators, operators may prevent withdrawals and subsequently demand additional payments, describing them as processing charges, taxes, account verification fees or other requirements.

Victims who have already seen apparently growing balances may be persuaded to make further payments in an attempt to recover their original investment and supposed profits.

Fresh cases registered in Kolkata

The warning comes as local cybercrime units continue investigating complaints involving online financial fraud.

Within 24 hours, Thakurpukur Police Station registered two separate cases under the provisions of the Bharatiya Nyaya Sanhita (BNS).

In the first case, police registered an FIR under Section 318(4) after receiving an e-Zero FIR from a resident of Diamond Harbour Road.

Unauthorised credit card transactions carried out within approximately one hour allegedly resulted in a loss of Rs 3,46,222.50.

The second case involved a 60-year-old resident of Jaigirghat Road. Police registered the case under Sections 318(4) and 319(2) of the BNS after the man was allegedly deceived through an online platform.

According to the complaint, Rs 2,08,999 was illegally withdrawn from his savings accounts.

Both cases are under investigation.

Cyber fraud remains a major concern

The latest advisory comes amid continuing police action against different forms of cyber-enabled financial crime in Kolkata and the wider Bidhannagar area.

Bidhannagar Cyber Crime Police have recently investigated alleged fraud involving fake investment groups, mobile applications, SIM cards and bank accounts.

In one recent case, four people were arrested in connection with an alleged Rs 2.1 crore investment fraud involving a fake stock-trading WhatsApp group and a fraudulent mobile application, according to police.

Police have also been investigating the alleged misuse of SIM cards and bank accounts in cybercrime operations.

Bidhannagar Cyber Crime Police recently arrested eight people in a case involving the alleged fraudulent issuance of SIM cards, with investigators examining how the cards were subsequently used in cyber-related offences.

Kolkata Police's cybercrime branch lists investment scams, suspicious links, remote-access applications and unknown APK files among the online threats against which residents should remain alert.

The latest warning specifically focuses on investment applications and the methods allegedly used by cybercriminals to convince victims that their money is generating returns before restricting withdrawals and demanding further payments.