A 65-year-old man from Ahmedabad was duped of ₹3.36 crore after being promised high returns, which were falsely displayed in an app. When he attempted to withdraw his investment, he realised the scam and filed a complaint with the police.

The victim, Prem Singh, CEO of a private company, joined a WhatsApp group on January 27 after receiving a link which was promoted as exclusive stock market tips. The messages and fake profits displayed in the group convinced him to open a trading account.

Between February 15 and March 15, he invested a total of ₹3.36 crore in multiple transactions. His trading account consistently showed high returns, which further led him to belief in the scheme.

The victim had taken a loan from his friend of ₹3 crore to invest in the market.

However, when he attempted to withdraw his earnings, the scammers demanded 20% of the total amount as tax. 

This made him realise that he had been deceived. After understanding the scam, he filed a complaint with the Cyber Crime police, who have now started an investigation.