Maharashtra: Thane-based businessman duped of Rs 40 lakh in cyber scam
A businessman from Maharashtra's Thane was duped of Rs 40 lakh after he installed a fake trading app. After a month, the application became non-existent. Subsequently, he registered a complaint in a nearby police station.
New Delhi: In a shocking incident, a Thane-based businessman from Maharashtra allegedly lost a sum of Rs 40 lakh after investing money in a fake trading platform. The victim invested his money in a fake trading app known as TriGen Wealth, a wholly owned subsidiary of Prime Securities Ltd.
It is believed that the fraudsters had duped more than 200 investors in the past few months. The alleged scam caught attention when the businessman filed a complaint with the cyber police at Vartaknagar Police Station.
Fake administrators, profit statements
The story began a few months ago, when the man came across a Facebook advertisement for lucrative stock market investments. Clicking the advertisement link, he was further redirected to a WhatsApp group named VIP3 TriGen-Fortune Code.
Fraudsters operating the WhatsApp group then convinced him to install a mobile application, TriGen App. Initially, the app displayed profits, but withdrawals were kept restricted. The app insisted to invest for a month, to start the withdrawal process.
Fascinated by fake profit statements and IPO tips provided by the group’s members, he transferred money multiple times between May 26 and May 30, 2025. His transactions ranged from Rs 10,000 to Rs 15,000 at a time, cumulatively crossing Rs 40 lakh.
After a month, when the victim tried to withdraw, he discovered that the app administers as well as the app vanished. Subsequently, a case has been registered under the IPC provisions and the Information Technology Act, 2000, NDTV reported.
The police, after carrying out the initial investigation, discovered that the fraudsters had duped nearly 200 people in the WhatsApp group.
Original company filed complaint
When the police interrogated about the cyber complaint, Prime Securities claimed that its subsidiary TriGen Wealth had no links to the fraudulent activities. The company has already filed a police complaint, informed other relevant authorities, and is also creating a cyber security firm.
On May 26, 2025, it lodged a formal complaint at Colaba Police Station and simultaneously reported the matter on the National Cybercrime Reporting Portal. The complaint was later transferred to Andheri Police Station for further investigation.
The company also submitted evidence, including screenshots of the fake app and WhatsApp chats shared by affected investors. With assistance from Mumbai Police and the cybercrime cell, the fraudulent app, which had been listed on the Google Play Store under the name "Trlgena,” was successfully taken down.
Prime Securities instructed investors to verify apps only from official company websites or recognised app stores and to avoid transferring funds based on unverified tips.