Ahmedabad Senior Loses Rs 62 Lakh in Elaborate Online Stock Trading Scam
In a distressing case of cyber fraud, a 70-year-old retired professional from Ahmedabad has filed a complaint with the cybercrime police after allegedly losing approximately Rs 62 lakh in an online investment scam. The incident, which unfolded over several months, involved a sophisticated operation using a counterfeit stock trading application and deceptive WhatsApp groups.
How the Scam Unfolded
According to police reports, the victim encountered an online advertisement in November 2025 that promised lucrative returns through stock market investments. Upon clicking the ad, he was added to a WhatsApp group named "v2-Angel One Customer Care", where multiple individuals posed as experts offering guidance on share trading and IPO investments.
Soon after joining, the victim was contacted by people claiming to be senior executives of a brokerage firm. They persuaded him to open a Direct Market Access (DMA) trading account and provided a link to download a mobile app called "Angvandma". Trusting their claims, the victim downloaded the app and registered by uploading personal details, including his Aadhaar and PAN information.
Financial Transactions and Deceptive Tactics
The accused then instructed the victim to transfer money to various bank accounts to purchase shares and subscribe to IPOs. Initially, he transferred small amounts and was even able to withdraw Rs 1.1 lakh, which bolstered his confidence in the scheme. Subsequently, the fraudsters offered him a trading "loan" of Rs 10 lakh through the app to apply for multiple IPOs.
Encouraged by promises of high profits, the victim continued transferring funds between November 2025 and January 2026, totaling Rs 63 lakh to multiple accounts shared by the accused. After adjusting for the earlier withdrawal, his net loss amounted to about Rs 62 lakh.
Discovery and Aftermath
When the victim attempted to withdraw his balance and profits, the accused allegedly demanded additional charges and eventually ceased communication. Realizing he had been defrauded, the victim contacted the national cybercrime helpline and filed a formal complaint with the cybercrime police in Ahmedabad.
This case highlights the growing threat of online investment scams targeting vulnerable individuals, emphasizing the need for heightened vigilance and robust cybersecurity measures.
