A RETIRED State Bank of India employee from Vile Parle in Mumbai has allegedly lost nearly R28 lakh in a sophisticated cyber fraud after being lured through a WhatsApp group promising high stock market returns.

According to cyber police officials, Joshi, 68 (name changed as requested by the victim), was approached by a woman named Suman Gupta via WhatsApp. She introduced herself as a customer service executive of Anand Rathi, founder and chairman of Anand Rathi Group, a major financial services conglomerate known in the wealth management, investment banking, insurance and stock broking industry.