Retired Consultant Duped of ₹1.21 Crore in Fake IPO Scam
Cyber fraudsters used bogus trading app and WhatsApp groups to lure Ahmedabad senior citizen
- Retired pharma consultant loses ₹1.21 crore in cyber fraud
- Fraudsters posed as financial advisors on WhatsApp
- Fake trading app showed fabricated profits
- Cyber Crime Police launch investigation
GG News Bureau
Ahmedabad, 15th June: A 71-year-old retired pharmaceutical consultant from Ahmedabad has been duped of ₹1.21 crore by cyber fraudsters who lured him with promises of high returns from stock market investments and Initial Public Offerings (IPOs).
According to police, the victim, a resident of the Vasna area, received a WhatsApp message on March 19 from a woman claiming to represent a reputed financial services company. She persuaded him to join a stock market advisory group where members regularly shared screenshots of alleged profits from trading and IPO investments.
Investigators said the group created an impression of legitimacy by posting fabricated profit statements and testimonials. After monitoring the group’s activities for several days, the retiree was convinced to download a trading application recommended by the fraudsters.
The application displayed attractive returns, increasing portfolio values and substantial profits, leading the victim to believe his investments were performing well. Over a period of nearly three months, he transferred funds in multiple installments to different bank accounts provided by the accused.
Police said the victim invested a total of ₹1.21 crore in various purported stock market and IPO schemes.
The fraud came to light when he attempted to withdraw his investments and profits. The operators of the platform initially cited technical issues and later became unresponsive. Realising that he had been cheated, the victim approached the Cyber Crime Cell and lodged a complaint.
Authorities have registered a case and begun tracing the bank accounts, mobile numbers and digital platforms used in the fraud. Investigators are also examining the flow of funds and identifying beneficiaries linked to the network.
Cyber security experts have cautioned investors against trusting unsolicited investment offers received through WhatsApp groups, social media platforms or unverified trading applications.
