Kanpur: Cyber fraudsters allegedly cheated an exporter from Jajmau out of ₹2.66 crore by promising extraordinary returns on investments. The scammers displayed a balance of ₹9.74 crore on an investment app, but when the businessman tried to withdraw the money, the transaction could not be completed. The fraudsters then demanded an additional ₹30 lakh in the name of taxes. Suspicious of the demand, the exporter sought help from his chartered accountant (CA) to verify the company, leading to the alleged fraud being exposed. A case has been registered at the cyber police station, and the cyber cell has reportedly placed around ₹30 lakh on hold in a linked account.
Mohammad Ahmed Lari, a resident of Defence Colony in Jajmau, exports safety suits and horse saddles. According to his complaint, he came across an advertisement for Finsol Private Limited on Facebook. The advertisement promised high returns on investments. After expressing interest, he was contacted on WhatsApp by a woman identifying herself as Ananya Kulkarni.
FCRF Launches CP-FRM to Build India’s Next Generation of Fraud Risk Professionals
The woman allegedly claimed to be a company representative and assured him that investments in shares and other financial instruments could generate substantial profits. She subsequently sent him a link to download an investment app and used screenshots showing rising balances to convince him that the investment was profitable.
Small Refunds Helped Build Trust
According to Lari, the woman initially encouraged him to invest small amounts. The fraudsters allegedly returned some money and shared screenshots showing that his investment had increased in value. These transactions made the investment scheme appear genuine and encouraged him to commit larger sums.
Lari said he made his first investment of ₹5,000 on June 18, 2026. On June 23, he invested another ₹21,000. During the initial transactions, ₹6,000 was returned to him. The early refund strengthened his confidence in the scheme.
He subsequently invested ₹6.5 lakh, followed by additional investments of ₹5 lakh each. The amount displayed on the app continued to rise, reinforcing his belief that the money was generating substantial returns.
The fraudsters allegedly facilitated withdrawals of ₹1 lakh and later ₹2 lakh during the process. These transactions further convinced him that he would be able to access his money whenever required. After gaining his confidence, the scammers began persuading him to invest larger amounts, including payments of ₹20 lakh at a time.
They allegedly continued sending screenshots of the purported profits and encouraged him to invest more money.
₹2.66 Crore Deposited in 19 Transactions
According to the complaint, the fraudsters collected a total of ₹2.66 crore from Lari through 19 transactions between June 18 and August 10, 2026.
The app eventually displayed a balance of ₹9,74,81,459.78, or nearly ₹9.75 crore. Believing that his investment had grown substantially, Lari attempted to withdraw the money. However, the withdrawal failed.
When he contacted the woman, she allegedly demanded another ₹30 lakh in the name of taxes, claiming that the additional payment was necessary to release the funds. The demand raised suspicions, prompting him to investigate the company.
With the assistance of his CA, Lari contacted the company through its official email address and sought clarification about Ananya Kulkarni. The company reportedly responded that no woman by that name was its representative.
The response exposed the alleged deception. Lari subsequently approached the cyber police station and lodged a complaint.
Police have registered a case and launched an investigation. The cyber cell is examining the transactions, tracing the movement of the money and investigating the role of other bank accounts connected to the suspected fraud. Officials have reportedly managed to place around ₹30 lakh on hold.
Company Name and Registration Details Allegedly Used to Gain Credibility
Lari alleged that the woman introduced herself as an authorised employee of Finsol Private Limited. She also shared a registration number purportedly associated with the Securities and Exchange Board of India (SEBI).
These details helped create the impression that the investment opportunity was legitimate. However, the company’s reported denial of any association with the woman raised serious questions about the authenticity of the scheme and the information provided to the investor.
The case highlights how fraudsters can exploit the names of companies, fabricated investment balances and apparently successful initial transactions to persuade victims to transfer increasingly large sums of money.
Expert Advice: Do Not Trust Screenshots Showing Profits
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh’s area of expertise includes cybercrime awareness and prevention. The case illustrates a common pattern associated with alleged investment frauds: scammers attract victims through social media advertisements, build trust by returning small amounts and then display fictitious profits on investment apps to encourage larger deposits.
A balance displayed on an app does not establish that the money exists in a bank account or can actually be withdrawn. Investors should independently verify the registration and credentials of investment companies and intermediaries through SEBI’s official channels before transferring money.
People should avoid downloading investment applications through links shared by unknown individuals and remain cautious of promises of unusually high or guaranteed returns. Any demand for additional payments under the guise of taxes, verification charges or withdrawal fees should be treated as a warning sign.
Anyone who suspects cyber fraud should immediately inform their bank and report the incident by calling India’s cybercrime helpline at 1930 or submitting a complaint through the National Cyber Crime Reporting Portal.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
