Ahmedabad businessman, son duped of ₹15 lakh in WhatsApp ‘share trading’ scam

A 54-year-old businessman and his son from Paldi have alleged that they were duped of ₹15.65 lakh in a sophisticated online investment scam run through a fake stock trading WhatsApp group named 'Trustline Research Hub'. The Ahmedabad Cyber Cell have registered an FIR and begun an investigation into the fraud.

Haseeb Ghulam Akkiswala, a resident of Paldi, came across a Facebook reel in late July that offered 'share market training' through a link. Clicking on the link led him to a WhatsApp group named 'Trustline Research Hub - VIP 1055', where messages from users claiming daily profits in stock and IPO investments were regularly shared to gain the confidence of new members.

The group was allegedly operated by individuals using the names Professor Vinay Gupta and Laxmi Priya Panda, who claimed to represent Trustline Securities. Members were asked to open a trading account through an app named TFHLTSR, available on the Play Store, which appeared to simulate a real trading platform.

Haseeb stated that he was guided to transfer money into several bank accounts for investment purposes. Initially, he received a small withdrawal of ₹2,500, which convinced him the system was genuine. Encouraged by this, he made several subsequent payments through GPay, NEFT, and IMPS, totalling ₹14.02 lakh. His son, Hammad Akkiswala, also invested ₹2 lakh after being added to the same group by Panda.

The complainant said the app initially displayed large notional profits of over ₹45 lakh. However, when he attempted to withdraw the money, the fraudsters demanded an additional ₹7.07 lakh as 'commission' and claimed it was a SEBI-mandated tax. When he refused to pay further, his trading account was blocked, and all communications with the group administrators ceased.

Realising he had been cheated, Haseeb and his son reported the matter to the National Cybercrime Helpline (1930) on September 9.

The Ahmedabad Cyber Cell have registered a case and begun tracing the digital footprint of the suspects, including the WhatsApp numbers linked to the fake investment network.

Preliminary investigation suggests the scammers used fake SEBI registration details, fabricated websites, and manipulated trading dashboards to simulate real-time stock trades and profits. Police officials said such scams are part of a larger trend of Telegram and WhatsApp-based “investment advisory” frauds targeting middle-aged investors.

“The group appeared professional, shared genuine-looking documents, and even allowed small withdrawals to build trust before blocking access. Citizens must remain cautious of online groups offering guaranteed profits,” a senior cybercrime official said.

The police are analysing the bank transactions and digital evidence, including a pen drive submitted by the complainant containing screenshots and chat records. Further investigation is underway to trace the money trail and identify the suspects operating from outside the state.