Fake Stock Trading App Fraud and Mule Accounts in Surat Case

Online investment fraud can involve more than a fake trading app. A recent case investigated by Surat Police also points to the role of bank accounts allegedly used to receive and move victims’ money.

The investigation began after a Surat resident reported losing ₹23.28 lakh. He was persuaded to use an app that appeared to open a stock trading account. After transferring money, he was unable to withdraw it. Police later arrested two men and say they traced funds through multiple bank accounts.

According to police, accounts linked to a firm and several savings accounts were allegedly used as “mule” accounts to collect fraud proceeds for a commission. Investigators say some of the money was converted into USDT cryptocurrency and sent onward. Police connected the account network to 338 complaints on the National Cyber Crime Reporting Portal, involving about ₹410 crore in alleged fraud. That figure relates to complaints linked to the network; it is not a verified total loss. The alleged roles of the arrested men and the network’s connections remain matters for the investigation and courts.

Fake trading apps may display apparent profits while making withdrawals difficult or impossible. Before investing, check that the platform is genuine and properly registered, and avoid apps or links promoted through unsolicited messages and groups. Never lend your bank account, card, UPI details or business account for a commission. If you lose money, call 1930 promptly and report it at cybercrime.gov.in.

Fake investment offers may arrive through malicious links or websites. Net Protector’s Total Security Fraud Protector is described on the official site as providing protection for identity, passwords, emails and payments against online threats, identity theft and payment fraud. Security tools can support safer browsing, while users should still independently verify any investment platform.