A retired resident of Ahmedabad, Gujarat, has reportedly lost ₹54 lakh in an online trading scam after being lured into investing through a fraudulent digital platform that promised unusually high returns.
According to police officials, the victim a senior citizen was contacted via social media and messaging platforms by individuals posing as financial advisors. The scammers allegedly convinced him to invest in what they described as a “high-return international trading opportunity,” complete with professional-looking dashboards and fabricated profit statements.
How the Scam Unfolded
Investigators say the fraud began when the retired man was added to an online investment group where so-called “experts” shared stock tips and screenshots of large profits. After gaining his trust, the fraudsters directed him to download a trading app and create an account.
Initially, the victim invested a small amount and was shown fake profits on the platform. Encouraged by the apparent gains and reassured by constant communication from the fraudsters, he gradually transferred larger sums over multiple transactions. In total, he is believed to have transferred ₹54 lakh.
When he later attempted to withdraw his funds, the platform allegedly demanded additional payments in the name of “tax clearance,” “processing fees,” and “international transaction charges.” It was only after repeated withdrawal requests were ignored and the contacts became unreachable that the victim realised he had been duped.
Police Investigation Underway
A complaint has been registered with the cybercrime police station in Ahmedabad. Authorities are tracing bank accounts and digital footprints linked to the fraud. Officials suspect the scam may be part of a larger interstate or international racket operating through encrypted communication channels and mule bank accounts.
A senior cybercrime officer stated, “These fraudsters create highly convincing digital interfaces that mimic legitimate trading platforms. Victims often see fake profits and believe their money is growing, which prompts them to invest more.”
Rising Trend of Online Investment Scams
Cybercrime officials warn that online trading scams have seen a sharp rise in recent years, particularly targeting:
- Retired individuals
- First-time investors
- People seeking quick, high returns
- Users active on social media platforms
Scammers often exploit trust, create urgency, and fabricate testimonials to appear credible.
Safety Advisory for Investors
Authorities have urged citizens to exercise caution before investing online. Key precautions include:
- Verifying whether the platform is registered with SEBI
- Avoiding investment schemes promising guaranteed or unusually high returns
- Not transferring funds to personal bank accounts
- Consulting registered financial advisors before making large investments
- Reporting suspicious activity immediately to cybercrime helplines
Victims of cyber fraud can contact the national helpline at 1930 or file complaints through the official cybercrime reporting portal.
The Ahmedabad case serves as another stark reminder of how sophisticated online scams have become and how even experienced individuals can fall prey when fraudsters exploit trust and digital anonymity.
