Ahmedabad doctor duped of ₹64 lakh in fake stock trading apps scam

An elderly city-based ophthalmologist has alleged that he was cheated of ₹64.45 lakh by cyber fraudsters who lured him into investing through fake stock market applications masquerading as reputed investment firms, Ahmedabad Cyber Crime Police said on Friday.

Dr Sunil Gupta (69), who runs an eye hospital in Bapunagar, was contacted in late October via WhatsApp by persons posing as investment executives of 'LKP Investment Company' and later 'ShoonyaMax Investment Company'. The callers, using names such as Deepa Rasimane, Divyanshi and Dinesh Vaghela, promised high returns through stock trading and IPO investments.

Police said the complainant was first added to a WhatsApp group named LKP Advisory Group-1, where screenshots of purported profits were regularly shared to build credibility. He was then persuaded to download mobile applications named LKPNHWL and ShoonyaMax from links sent to him, which closely resembled genuine trading platforms.

As per the complaint, Dr Gupta initially invested ₹50,000 and was allowed to withdraw the same amount into his Punjab National Bank account within a short period, which reinforced his trust. Subsequently, on the instructions of the accused, he transferred money in multiple instalments to different bank accounts linked to the fraudsters.

Between November and December 2025, Dr Gupta deposited ₹46.95 lakh through the LKPNHWL app and another ₹17.50 lakh through the ShoonyaMax app, taking the total amount transferred to ₹64.45 lakh. The applications displayed inflated virtual balances and claimed that large IPO allotments had been credited to his account. However, when he attempted to withdraw the funds, he was told to pay additional amounts towards “IPO dues” running into lakhs of rupees.

Suspecting foul play, the complainant refused to make further payments. A subsequent online search by his son revealed that the apps were fake and had misused the branding and photographs of a genuine stock market firm. The shares and IPOs shown on the apps were allegedly fictitious and generated electronically to mislead investors.

Police said that except for ₹50,000 initially withdrawn by the complainant, the remaining ₹63.95 lakh has not been returned. Dr Gupta later approached the cyber crime helpline (1930) and registered an online complaint before lodging a detailed FIR with the Cyber Crime Police Station, Ahmedabad.

A case has been registered for cheating, criminal breach of trust and cyber fraud against unknown persons. Investigators are now tracing the bank accounts, mobile numbers and digital footprints used in the scam. Police have also appealed to citizens to verify investment platforms and avoid responding to unsolicited messages promising unusually high returns.