UP man duped of ₹63 lakh through fake trading app, case filed under IT act

A case of large-scale cyber fraud has been registered in Ballia district after a man was allegedly cheated of ₹63 lakh through a fake online trading application, police said on Friday, reflecting the growing menace of digital investment scams across the country.

According to police, an FIR was lodged on Thursday at Kotwali police station on the complaint of Aditya Gupta , who claimed he was lured into investing money between January 16 and February 6 through an application named “Tikne C” . The complainant alleged that fraudsters promised unusually high returns and added him to a WhatsApp group created to project the scheme as legitimate and trustworthy.

Gupta stated that he was instructed to transfer funds in multiple installments to different bank accounts linked to the accused. Believing the trading activity shown on the app to be genuine, he continued investing until he realised that the profits displayed were fictitious and the money had been siphoned off. By the time the fraud became apparent, he had lost a total of ₹63 lakh .

The case has been registered under Section 66D of the Information Technology (Amendment) Act , which deals with cheating by impersonation using computer resources. This provision is commonly invoked in cases where fake digital identities, applications or platforms are used to deceive victims. Police said the investigation is underway and further action will be taken after examining bank transactions and digital evidence.

Superintendent of Police Omveer Singh confirmed that teams are tracing the accounts used in the fraud and analysing the online trail left by the accused.

The Ballia incident comes amid a sharp rise in cyber-enabled financial crimes nationwide. Online trading scams, digital arrest frauds and impersonation rackets have become increasingly sophisticated, targeting individuals through social media platforms and messaging applications with promises of fast profits and secure investments.

Recently, the Supreme Court of India expressed grave concern over the scale of online fraud in the country, observing that nearly ₹50,000 crore has been lost to cyber scams over the last five years. The apex court described the phenomenon as nothing short of “dacoity” , warning that organised digital fraud networks are draining public savings on an unprecedented scale.

The court also underlined the need for stronger coordination between banks, financial institutions and law enforcement agencies to prevent suspicious transactions and ensure quicker freezing of accounts linked to fraud.

Cybercrime experts note that cases like the one reported in Ballia follow a common pattern: victims are drawn in through fake apps, staged profit dashboards and group chats that simulate genuine trading communities. Once confidence is built, large sums are transferred to accounts controlled by fraudsters, who then disappear.

Police have advised the public to avoid investment schemes promising guaranteed or unusually high returns and to verify the authenticity of trading platforms before transferring money. Authorities have also urged victims of cyber fraud to report incidents promptly to cybercrime cells to improve the chances of recovery.

As investigations continue in the Ballia case, the incident stands as another reminder of the expanding threat posed by online financial fraud in India’s rapidly digitising economy.