After downloading a .dmg file, I opened the file by double-clicking on it from my download folder on my Mac and when I dragged and dropped the app into the Applications folder, I got the below error.

Well I was confused why it did not work in the first place, but soon realized the issue.
Before the copying of the App happened completely to the Applications folder, I tried to open it, this caused the issue.
The fix was simple, just move the app to trash and then do it all over again and wait until the application is moved to Applications folder before opening it.
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