The South Regional Cyber Police Station, Mumbai, has arrested seven individuals from various states in connection with a major share market fraud that defrauded investors of nearly Rs 11 crore using a fake mobile application, officials said on Friday.

The scam targeted a 68-year-old complainant who was approached via WhatsApp groups with promises of high returns on investments in the stock market. The fraudsters convinced the senior citizen to download a fake application named Warburg Pincin and invest Rs 10,98,65,000 between December 29, 2025, and January 19, 2026, the police said in a press release.