A resident of Ghatlodia in Ahmedabad, who was desperately seeking funds for his wife's cancer treatment, fell victim to cyber fraudsters and lost nearly Rs 58 lakh. The fraudsters posed as stock market experts and lured him with promises of massive returns through a 'special funded account' scheme.
How the fraud unfolded
The victim, a graphic designer working for a private firm in Navrangpura, received a call in June 2025 from a man named 'Pravin' claiming to represent 'Stock Operator.in'. The caller offered lucrative stock market tips and later introduced him to another individual named 'Anil Dubey'. The fraudsters convinced the victim to invest in multiple schemes, including a 'special funded account' plan. Under this plan, an investment of nearly Rs 40 lakh was supposed to create a Rs 2 crore trading account capable of generating massive daily returns.
Initially hesitant due to financial difficulties, the victim transferred Rs 3.45 lakh online after being assured he could gradually increase his investment. The fraudsters later pressured him to keep paying money, threatening that his account would be frozen or penalized otherwise. They instructed him to transfer funds through angadia firms in Navrangpura instead of official company accounts, claiming it would help manage company server records.
Modus operandi
Over time, the victim transferred large sums through angadia operators to a man identified as 'Bhavesh', besides making payments through QR codes and bank transfers. The fraudsters continuously sent him fabricated emails, fake agreements, screenshots of a purported trading dashboard, and forged investment records showing profits exceeding Rs 2.49 crore to gain his confidence.
The complainant told police that he continued investing partly because his wife had been diagnosed with cancer and he believed the promised returns would help fund her treatment. The accused allegedly stopped responding after collecting a total of Rs 57.85 lakh.
Police investigation
The Cybercrime police registered an FIR on Wednesday after the victim realized he had been duped. The FIR names several unidentified persons who used the names Anil Dubey, Viraj, Suraj Singh, Shohel, and Pravin while operating through multiple mobile numbers, WhatsApp calls, fake emails, and a fraudulent investment website. Cybercrime police have launched an investigation into the online investment fraud network.
The case highlights the growing menace of cyber fraudsters who prey on vulnerable individuals, especially those in financial distress. Authorities urge the public to exercise caution when approached with unsolicited investment offers and to verify the authenticity of any scheme before transferring money.
