Ahmedabad man duped of ₹22 lakh in online share trading scam through WhatsApp

The Cyber Crime Police in Ahmedabad have registered a case after a 30-year-old city resident alleged that he was cheated of over ₹22 lakh by fraudsters who lured him into a fake online share trading and IPO investment scheme operated through multiple WhatsApp groups and a mobile application.

According to the complaint, Luqman Sabir Hussain Mansuri, a resident of Kalupur, was added to a WhatsApp group in November where members claimed to provide expert guidance on stock market investments and IPO subscriptions.

In his complaint to the Cyber Crime Police Station, Mansuri stated that on November 14, he received a message from an unknown number containing a link to join a WhatsApp group named “801 Standard Chartered Investment Lite Circle”. The group had over 200 members and several administrators using different mobile numbers, including one identifying themselves as Aanaya Saraswat.

Police said messages related to stock market trading and IPO investments were frequently shared in the group. One of the members, posing as a market expert, introduced himself as a ‘professor’ and offered advice on investment opportunities. Another contact claiming to be Aanaya Saraswat allegedly encouraged members to purchase shares and subscribe to IPOs.

The complainant was later sent another link and added to a smaller WhatsApp group named “VIP 137”, where only a handful of members were present. The administrators of this group instructed him to download a mobile application called “S-HNWI” from the Google Play Store, claiming it was a trading platform used by high-networth investors.

After registering on the application, Mansuri was guided by the group members on how to invest in so-called institutional stocks, over-the-counter trades and IPO allotments. According to the complaint, the application’s interface showed apparent profits and allowed small withdrawals initially to gain the investor’s confidence.

Police said the complainant first transferred ₹5,000 on November 13, followed by ₹30,000 on November 16 and ₹70,000 on November 19 through his Bank of Baroda account. He was later able to withdraw ₹45,000, which further convinced him that the platform was genuine.

Encouraged by the apparent returns, Mansuri continued transferring money into multiple bank accounts provided through the application’s chat support system. Between November 13 and December 19, he deposited funds through several transactions from his and his wife’s bank accounts.

In total, the complainant transferred ₹22.05 lakh to different bank accounts linked to the alleged fraudsters.

The application later displayed a profit amount of over ₹1.27 crore following what was claimed to be a successful IPO allotment. However, when Mansuri attempted to withdraw the amount, the operators allegedly demanded an additional payment of 20 per cent of the total amount as service charges.

Realising that he had been cheated, Mansuri refused to make further payments and subsequently lodged a complaint through the national cyber helpline 1930 before approaching the Ahmedabad Cyber Crime Police Station.

According to the FIR, the fraudsters returned only ₹46,000, while the remaining ₹21.59 lakh remains unpaid.

Police said the accused persons allegedly conspired to cheat the complainant by creating fake WhatsApp groups, impersonating investment advisors and using a fraudulent trading application to gain his trust and siphon off money.

A case has been registered under relevant sections pertaining to cheating, criminal conspiracy and cyber fraud. Investigators are now examining the mobile numbers used by the suspects and tracing the bank accounts that received the funds.

Officials said further investigation is underway to identify the individuals behind the WhatsApp groups and the mobile application involved in the alleged scam.