Panaji/Goa: A major organised cyber fraud racket has been exposed after a Margao resident was allegedly cheated of nearly ₹2 crore through a fake share trading scheme.
Acting on technical analysis and money trail investigation, the Goa Cyber Crime Cell arrested one accused from Thane. Preliminary findings suggest that the accused’s bank account was part of a wider network linked to multiple cyber fraud cases across several states.
Trendlytic Platform and Digital Impersonation
According to police, the accused and his associates contacted the victim through social media platforms and WhatsApp, posing as representatives of a legitimate and reputed trading platform. The victim was then guided to register on a fraudulent mobile application named ‘Trendlytic’, which falsely claimed to generate high returns through stock market investments.
As the victim’s confidence increased, he was repeatedly persuaded to invest more money. The accused allegedly provided so-called “guidance” and “system support” during trading activities, using it as a pretext to initiate multiple transactions. Over time, the victim transferred nearly ₹2 crore in several instalments to different bank accounts.
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Mule Account Layering and Fund Fragmentation
Investigators said the entire fraud was carefully planned and executed using a combination of fake trading applications and multiple mule bank accounts to make tracing the money difficult. The accused not only targeted the victim in this case but is also suspected of attempting similar investment scams against other individuals.
During technical analysis, police found that approximately ₹26 lakh had been credited into the accused’s account, which was immediately transferred to accounts of other associates. The money was further layered through multiple transactions to obscure its origin and destination, making recovery and tracking extremely challenging.
Interstate Complaints and Cross-Jurisdictional Links
Further investigation revealed that the bank account was not limited to this single case. It has been linked to at least 12 cyber fraud cases registered across Karnataka, Maharashtra, Gujarat, and Goa. This indicates that the accused may be part of a larger inter-state cybercrime network operating across multiple regions.
Police officials stated that such frauds typically follow a well-established pattern. Victims are first lured with promises of small, consistent profits to build trust. Once confidence is established, they are encouraged to invest larger sums. Eventually, when victims attempt to withdraw funds, the app either becomes inaccessible or communication with fraudsters is cut off.
Interface Manipulation and Digital Footprint Audits
The arrested accused is currently being interrogated, and efforts are underway to trace other members of the network. Authorities suspect that several more individuals may be involved in coordinating such scams from different states.
Cyber experts noted that fake trading applications and social media advertisements are increasingly being used to target investors. Fraudsters design convincing interfaces and manipulate victims by showing fabricated profits, creating an illusion of legitimacy before diverting funds into multiple accounts.
Police have urged the public to exercise caution and avoid trusting unknown investment platforms or trading applications. Authorities advised verifying the authenticity of any investment scheme through official regulatory channels before transferring money, especially when high returns are promised.
Investigating agencies are now analysing digital footprints, banking transactions, and call detail records to uncover the full extent of the network. Further arrests are expected as the probe progresses and more connections are identified.
