Ahmedabad Senior Citizen Defrauded of Rs 90 Lakh in Sophisticated Trading App Scam
A 68-year-old tax consultant from the Paldi area of Ahmedabad has come forward with a harrowing tale of financial deception, alleging that he was systematically cheated out of a staggering sum exceeding Rs 90 lakh. The elaborate scam involved fraudsters who enticed him with promises of lucrative investments in fictitious initial public offerings (IPOs) and stock market schemes through a completely fraudulent trading application.
Complaint Lodged with Cybercrime Police
The victim officially registered a complaint with the Ahmedabad cybercrime police unit on Tuesday, setting in motion a formal investigation into the sophisticated financial fraud. According to the detailed First Information Report (FIR), the consultant's ordeal began in October 2025 when he was unwittingly added to a WhatsApp group after clicking on a link sent from an unknown mobile number.
The Elaborate Web of Deception
The WhatsApp group, ominously titled "107 Jainam Visionaries Network", served as the primary platform for the fraudsters to execute their plan. Group administrators, along with an individual posing as a customer care executive, regularly disseminated what appeared to be expert investment advice, exclusive discounted IPO offers, and convincing screenshots showcasing purportedly high returns. This consistent flow of information was designed specifically to build trust and credibility with the victim over time.
To further legitimize their operation, the accused circulated alleged certificates from a Surat-based brokerage firm. After monitoring the group's activities for nearly a month, the consultant took the bait and contacted the fake customer care executive. He was then instructed to download a trading application named "JAIMHNI" through a link provided exclusively by the fraudsters.
Massive Financial Transfers Based on False Promises
Convinced of the scheme's authenticity, the victim proceeded to transfer a total of Rs 90.27 lakh in multiple Real Time Gross Settlement (RTGS) transactions. These transfers occurred between November 24, 2025, and January 11, directed to various bank accounts shared by the accused individuals. The dashboard of the JAIMHNI app allegedly displayed massively inflated profits, showing an unbelievable balance of over Rs 7.46 crore, further misleading the victim.
In a clever move to reinforce credibility, the fraudsters even deposited Rs 1.28 lakh into the victim's personal bank account, creating an illusion of legitimate returns and operational trustworthiness.
The Scam Unravels and Police Action
The scheme began to collapse when the victim attempted to withdraw substantial amounts—first Rs 1 crore and later Rs 1.5 crore—in January. All withdrawal requests were abruptly declined. The accused then allegedly demanded a 10% "service fee" on the purported profits before any funds could be released, raising immediate red flags.
Growing increasingly suspicious, the consultant took the proactive step of contacting the actual Surat-based broking firm referenced in the fake certificates. He was shocked to learn that no such investment scheme or partnership existed. Following this revelation, he registered a formal complaint on the national cybercrime portal and personally approached the Ahmedabad cybercrime police.
The police have registered a comprehensive case under multiple sections, including:
- Cheating
- Criminal Conspiracy
- Abetment
- Criminal Breach of Trust
These charges are filed under the Bharatiya Nyaya Sanhita (BNS), alongside relevant sections of the Information Technology Act. A thorough investigation has been initiated to identify and apprehend the perpetrators behind this sophisticated financial cybercrime.
