A 71-year-old retiree from Vasna, Ahmedabad, has fallen victim to an elaborate cyber fraud, losing over Rs 1.2 crore to scammers posing as stock market advisers. According to a complaint lodged with the cybercrime police on Saturday, the fraud began on March 19 when the victim received a WhatsApp message from a woman identifying herself as Tina Malhotra. She claimed to represent an investment group offering expert guidance on stock market trading and IPO subscriptions.
How the Scam Unfolded
The retiree was added to multiple WhatsApp groups, including one named "2026 Fortune Gate F666", where administrators and members regularly shared stock recommendations, investment tips, and testimonials of purported profits. The constant flow of messages showing successful investment returns gradually convinced the victim of the group's legitimacy.
Investigators revealed that the fraudsters persuaded the victim to download several mobile applications — DMA IIFL, IIFL Markets, and IFLVIP. They also provided a link through which he could allegedly monitor investments and returns. Believing the platform to be genuine, the victim began transferring money from his wife's bank account in April.
Financial Loss and Realization
Between April 2 and May 29, the victim made multiple transfers to various accounts provided by the fraudsters, totaling Rs 1.2 crore. Police said the accused promised attractive returns through stock trading and discounted IPO allotments. However, when the victim sought to withdraw funds, the money was not returned.
The retiree subsequently noticed irregularities in one of the applications. Realizing he had been cheated, he contacted the national cybercrime helpline — 1930 — and later approached the cybercrime police.
Legal Action
A case of cheating, criminal breach of trust, and cyber fraud has been registered against the woman who contacted the victim, the administrators of the WhatsApp groups, and the holders of the beneficiary bank accounts. The investigation is ongoing.
