A 49-year-old Bhandup-based business consultant was allegedly cheated of Rs 7.10 lakh after being lured into a fraudulent WhatsApp trading scheme called the ‘Aishwarya Plan’, which promised over 100 per cent returns with zero brokerage.

The victim, an active online trader, was first contacted on October 28 by a woman who claimed to represent a reputed brokerage. He was added to a WhatsApp group and asked to download a fake trading app that showed dummy profits to build his confidence.