Bengaluru businessman loses ₹8.3cr in fake stock app scam
A 71-year-old businessman from Bengaluru, Rajendra Naidu, lost ₹8.3 crore after falling for a cyber investment scam.
It all started when scammers called him, praised his strong CIBIL score, and convinced him to download a fake stock trading app called RARCLLPRO via WhatsApp.
Trusting the app's flashy returns, Naidu kept investing more money as it showed his balance growing to ₹59.4 crore.
Scam revealed after withdrawal attempt
Things unraveled when Naidu tried to withdraw ₹15 crore and was suddenly told he needed to pay an 18% "service charge" of ₹2.7 crore first—raising major red flags.
Realizing he'd been duped, he quickly reported the fraud to the National Cyber Crime Helpline and filed a police complaint on November 29.
Police have since frozen around ₹60-64 lakh linked to the scam while investigating those responsible.