Ahmedabad man duped of ₹1.68 crore in ‘stock investment’ cyber fraud
Updated: Mar 26th, 2026
A 45-year-old man from Ahmedabad has alleged that he was duped of over ₹1.68 crore by fraudsters who lured him into a fake stock investment scheme operated through WhatsApp groups and a mobile application, police said.
According to a police official, the complainant, a resident of Adani Shantigram on SG Highway, was added to a WhatsApp group titled 'VIPS Stock Sharing Group' earlier this year. Another group, 'Victory Vanguards2', was subsequently used by the accused to build credibility by sharing purported profit screenshots and investment tips.
Police said the accused operated under false identities, introducing themselves as 'Vikas Sharma' and 'Michael Cullins', and used multiple international phone numbers to communicate with the complainant. The victim was persuaded to invest in stock market opportunities through a mobile application named 'Geosphere'.
Investigators said the complainant was convinced to register on the application and was asked to transfer funds into bank accounts provided by the accused under the pretext of investment. Between February and March, he transferred large sums in multiple instalments to different accounts across banks.
“The accused created a pre-planned conspiracy, gained the victim’s trust through continuous communication and fake profit claims, and induced him to invest substantial amounts,” an officer said.
The fraud came to light after the complainant discussed the matter with his family, who suspected foul play. He subsequently contacted the National Cybercrime Helpline (1930) and later lodged a formal complaint with the Cyber Crime Police Station.
Police said the complainant transferred a total of ₹1.68 crore, with no returns received. The accused also allegedly demanded additional payments under various pretexts, including charges for processing withdrawals.
A case has been registered, and further investigation is under way to trace the accused and the bank account holders involved, as well as the digital trail of transactions.
