Retired Colonel Loses Rs 29.4 Lakh in Sophisticated Cyber Investment Scam
In a distressing case of cyber fraud, a 70-year-old retired Colonel from Chandigarh has been duped of Rs 29.4 lakh in an elaborate online investment scam. The victim, retired Colonel Bharat Bhushan Sharma, a resident of Sector 47, Chandigarh, fell prey to criminals who impersonated representatives of well-known financial institutions to execute their fraudulent scheme.
How the Scam Unfolded
The ordeal began in August and November 2025 when unknown individuals, claiming to be from IIFL Wealth Management and Ventura Securities Ltd, contacted Colonel Sharma. They later added him to WhatsApp groups, where they presented themselves as part of SEBI-registered investment firms. These groups promoted high-return opportunities in Pre-IPO shares, block trades, and OTC deals.
To build credibility, the scammers provided website links, official-looking emails, and fabricated documents. They also shared fake profit screenshots and messages from supposed investors to gain Colonel Sharma's trust. Believing the offers were legitimate, he gradually invested money through various bank accounts provided by the fraudsters.
Escalation of the Fraud
Initially, the scammers allowed small withdrawals to maintain the illusion of a genuine investment. However, the situation quickly deteriorated. The companies started allotting shares that exceeded Colonel Sharma's available balance and demanded additional deposits before permitting further withdrawals. They also insisted on advance payments of 30% profits for brokerage and short-term capital gains, threatening to block access if he refused.
In one instance, after investing Rs 13.2 lakh with Ventura Securities Ltd, Colonel Sharma was asked to deposit an additional Rs 88.5 lakh. When he declined, he was abruptly removed from their WhatsApp group and denied access to the website on January 23, 2026, effectively locking him out of his funds.
Discovery and Investigation
The scam came to light when Colonel Sharma received a cyber fraud alert from cyber awareness authorities in Tamil Nadu on January 27, 2026, regarding a suspicious transaction of Rs 3 lakh. Two days later, on January 29, he visited the offices of Ventura Securities Ltd and IIFL Securities in Chandigarh. Officials there confirmed that the investments were fraudulent and had no connection to the genuine companies, whose names and SEBI credentials had been misused.
Further verification revealed that the Mumbai office address provided for IIFL Wealth Management did not exist. Colonel Sharma reported total losses of Rs 29.4 lakh, transferred through multiple transactions between December 2025 and January 2026 via IMPS, NEFT, and RTGS to various beneficiary accounts.
He has since filed a formal complaint at the cyber police station in Sector 17, Chandigarh, providing all transaction details. Police have registered a case against unknown persons, and investigations are ongoing to track down the perpetrators.
