More Than 200 Investors Tricked By Scammers Posing As Prime Securities’ Unit — Modus Operandi Explained

In a unique set scam in Maharashtra, fraudsters allegedly tricked over 200 unsuspecting investors by impersonating TriGen Wealth, a wholly owned subsidiary of Prime Securities Ltd. The incident came to light after a Thane-based businessman filed a complaint with the cyber police, claiming he lost more than Rs 40 lakh to the racket. NDTV Profit has learnt from multiple sources and review of documents.

According to the complaint filed by the Thane businessman at Vartaknagar Police Station, the fraud began when he came across a Facebook advertisement on May 17, 2025, for lucrative stock market investments. Clicking the ad redirected him to a WhatsApp group named VIP3 TriGen-Fortune Code.

The group, allegedly managed by individuals posing as financial advisors, encouraged him to download a mobile application named TriGen-App. The app displayed profits from trades but restricted withdrawals, insisting that he continue investing for a month.

Persuaded 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.

When he tried to withdraw, he realised the app and group administrators had vanished. The case has been registered under the IPC provisions and the Information Technology Act, 2000.

As per the people in the know, there were over 200 people in the said WhatsApp group who actively traded on the fraudulent platform in accordance with the tips and advice received.

* Fraudsters used Facebook ads to lure potential investors

* Victims were added to WhatsApp groups branded with TriGen’s name

* They were asked to download a professional-looking but fake TriGen-App

* Investors were shown fabricated profits on the app

* To withdraw money, they were pressured to reinvest larger sums

When asked to respond to the cyber complaint, Prime Securities confirmed that its subsidiary TriGen Wealth had no connection to the fraudulent activities. The company has already filed a police complaint, informed other relevant authorities, and is also onboarding 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 supporting material, 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.

In addition to approaching law enforcement, TriGen Wealth has engaged CYBLE Inc., a global cybersecurity firm that works with leading banks and technology companies to monitor brand impersonation and online fraud.

Prime Securities urged investors to verify apps only from official company websites or recognised app stores and to avoid transferring funds based on unverified tips.