Bodakdev septuagenarian cheated of over ₹1 crore in trading scam

A senior citizen  in Bodakdev has filed a complaint of cheating with Ahmedabad Cyber Crime. He has alleged that in just 20 days he was cheated of ₹1.51 crore by a cyber fraud gang that lured him with promises of huge profits from stock market investments and failed to return ₹1.04 crore.

Murlibhai Mulchandani, 70, lives in Patel Park on Judges Bungalows Road in Bodakdev and runs a factory in Bavla. In January 2025, he received a WhatsApp message from an unknown mobile number, inviting him to an exhibition in Bangkok.

A few days later, the same number offered him extra income through trading. Mulchandani was given an email ID and password, showing him high returns and profits.

Believing it to be true, Mulchandani opened a trading account where transactions, including crypto, forex trading, etc., occurred. Initially, he was awarded a profit against the investment and was also given a refund for the loss.

Growing in confidence, Mulchandani invested a total of ₹1.51 crore in just 20 days. He was paid ₹47 lakh in profit, against a displayed profit of ₹2.73 crore in his wallet.

However, Mulchandani could not transfer that money to his bank account, leading him to suspect the fraud. He then filed a complaint with the Cyber Crime Cell.

A probe has since been initiated.