Retired Ahmedabad pharma adviser loses ₹1.21 cr in fake stock market scam

A 71-year-old retired pharmaceutical adviser from Ahmedabad’s Vasna area has lost ₹1.21 crore to cyber fraudsters who lured him with promises of high returns from stock market and IPO investments.

According to the complaint, the scam began on March 19 when the victim received a WhatsApp message from a woman claiming to represent IIFL, a finance service company.

He was subsequently added to a stock market advisory group where members regularly posted screenshots showing substantial profits from share trading and IPO investments.

Investigators believe the screenshots were fabricated to build credibility and gain the victim’s trust.

After establishing contact, the fraudsters persuaded the retired professional to download a suspicious investment application. Through the platform, he was encouraged to invest in various IPOs and stock market schemes over a period of nearly three months.

The victim eventually transferred a total of ₹1.21 crore through multiple transactions, believing the funds were being invested in legitimate financial products.

The fraud came to light when he attempted to withdraw his investment and the purported profits. Despite repeated efforts, no money was returned and communication with the operators became increasingly difficult.

Realising he had been duped, the victim approached the cyber crime authorities and lodged a complaint. Police have launched an investigation to trace the individuals behind the fraud and examine the financial trail linked to the transactions.

The case is the latest in a series of cyber frauds in which scammers use fake investment groups, forged profit statements and fraudulent trading applications to target investors seeking high returns.